Gwyneth Paltrow, Iron Man 3, Half Length

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What does it feel like to be named People magazine's World's Most Beautiful Woman?

Just ask Gwyneth Paltrow.

"Oh, lord," the 40-year-old mom of two said at tonight's Iron Man 3 premiere in Hollywood. "It's very sweet and I'm so embarrassed, but I'm so happy."

"It's so weird," Paltrow continued. "It's crazy. It's very sweet. I'm so flattered. I'm thrilled."

When asked if hubby Chris Martin now has to tell her how beautiful she is all the time, Paltrow cracked, "It's like the American version of a knighthood basically. My title just got longer."

Paltrow's Iron Man 3 costar Robert Downey Jr. weighed in on the honor as well. "I'm just very happy for her," he said. "It's fleeting and you want to take all that glam stuff while you can."

We've got a lot more Paltrow and Iron Man 3 scoop for you! Make sure to come back to E! Online tomorrow and tune into E! News on Thursday at 7 p.m. and 11:30 p.m.

PHOTOS: See more of People's 2013 most beautiful stars!

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