I'm surprised I haven't seen anyone but Ken Levine mention this.
That's Beyonce's nipple, as exposed on the Acadamy Awards telecast during the dance number she did with Hugh Jackman. I'm sure only a frame or two made it onto the air, but it didn't take much more than that to start the overzealous uproar over Janet Jackson's wardrobe malfunction at the Super Bowl. Even worse, in this case, there's no silver star stud covering the area.
How has America survived the past week in the midst of this national trauma?