Over the past two decades there has been an explosive growth in our understanding of phototransduction, leading to the development of a comprehensive scheme for the process. On the basis of this scheme the finer details of the process are being elucidated. Additional protein components and pathways have been identified, successful quantitative models of parts of the process have been developed, and a detailed understanding of the molecular basis of physiological function has begun to emerge. Here we summarize the most recent developments.