The brain processes information about sensory stimuli and motor intentions using a massive ensemble of neurons arrayed in parallel. Individual neurons receive convergent inputs from thousands of other neurons, leading to the possibility that patterns of spikes across the input neurons might be crucial components of the neural code. Recently, advances in multielectrode recording techniques have allowed several laboratories to investigate the nature of the interactions between neurons, and their potential role in information coding. Several recent studies have found that the amount of information coded by correlated activity about sensory and motor variables is small, casting doubt on the hypothesis that correlations between pairs of neurons are important for information coding. However, other studies have documented the appearance of coherent oscillations, during particular task epochs and conditions that require selective processing of sensory information, supporting the hypothesis that coherent oscillations between neurons might reflect the dynamic flow of information in the brain.