Is it really that time again for the biggest prize in American fashion? Yup! The nominees and honorees have been announced for the 2012 CFDA Awards and it's a full house. Mary-Kate and Ashley Olsen have graduated from the Swarovski Emerging Talent pool to be nominated for womenswear designer of the year for The Row along with last year's winners Lazaro Hernandez and Jack McCullough of Proenza Schouler and perennial favorite Marc Jacobs. Full list of nominees after the jump!

This year, marking the Council of Fashion Designers of America's 50th anniversary, the awards will be presented on June 4 at Lincoln Center's Alice Tulley Hall in a ceremony hosted by Saturday Night Live also-ran Seth Meyers.

Womenswear Designer of the Year

Marc Jacobs Proenza Schouler The Row

Menswear Designer of the Year

Patrik Ervell Billy Reid Simon Spurr

Accessory Designer of the Year

Alexander Wang Reed Krakoff  Proenza Schouler

Swarovski Award for Emerging Talent -- Womenswear

Joseph Altuzarra Chris Peters and Shane Gabier, Creatures of the Wind  Max Osterweis and Erin Beatty, Suno 

Swarovski Award for Emerging Talent -- Menswear

Antonio Azzuolo Todd Snyder Phillip Lim

Swarovski Award for Emerging Talent -- Accessory Design

Tabitha Simmons Pamela Love Irene Neuwirth

Geoffrey Beene Lifetime Achievement Award

Tommy Hilfiger

International Award

Rei Kawakubo

Eleanor Lambert Founders Award

Andrew Rosen

Eugenia Sheppard Media Award

Scott Schuman and Garance Doré

Fashion Icon Award

Johnny Depp

So what do you think of the nominees? The Olsens sure have come a long way, baby, but does Marc Jacobs really need/deserve another CFDA nomination?

And bloggers have made their official entrée into the CFDA with noted streetstyle documentarians, Garance Doré and The Sartorialist's Scott Schuman, receiving the Media Award -- is this a new level of legitimacy for the blogosphere? And if so, who's next?

Also, when did that homeless man on the street known as Johnny Depp become a fashion icon? These questions and others will be answered on June 4 at the CFDA Awards. [WWD]