The Oscar folks apparently didn’t want to be outdone by the Golden Globe folks, who already tapped Ricky Gervais as the host of their Jan. 17 ceremony, so Oscar producers have nabbed a pair of funny guys to host the March 7 Academy Awards: 30 Rock Emmy winner Alec Baldwin and Steve Martin (who received an Emmy nomination for his 30 Rock guest appearance).

The Baldwin/Martin pairing marks the first time there’s been multiple Oscar hosts since 1987, and is also Baldwin’s first-ever Oscar-hosting stint, though he’s certainly proved himself to be comfortable with live performances during his 14 hilarious stints as Saturday Night Live host.

Martin, who, with 15 SNL hosting gigs, is just one ahead of Baldwin for the record of most SNL episodes hosted, hosted the Oscars in 2001 and 2003.

Meanwhile, speculation has begun that Tina Fey will now join the Oscar writing team, and the announcement of Baldwin and Martin as hosts comes on the heels of rumors earlier this week that Academy Award producers had approached Robert Downey Jr. and Ben Stiller about co-hosting the show, only to be rebuffed.

What do you think: Will the Baldwin/Martin pairing make the Oscars worth watching? Would you rather have seen an RDJ/Stiller show? And can we all agree that, no matter what, the otherwise funny Martin should leave the banjo at home on Oscar night?