The app is called Vanity Fair Hollywood, and you can use it to read Vanity Fair's Hollywood coverage leading up to the Oscars in March. If you feel like you're informed enough to make a prediction, you can use the app to vote for which person or film will win an Oscar in each of the major categories.
Since there are 10 Best Picture nominations this year, your odds of coming out on top are lower than usual, but if you're confident you can share your predictions with your Facebook friends via Facebook Connect. You can form a betting pool with your friends within the app and compare your picks in the leaderboards after the Oscars have aired on March 7.
Vanity Fair is trying to engage its readership using technology and social media — a progressive plan for a print publication. The app is sponsored by L'Oréal Paris, whose products are featured in the "Gift Bag" tab of the app. If you want to learn more about the app, this is a great time to try out iTunes' new web preview pages for apps. Head over to the iTunes app page for additional details and images.