Wall-bounded turbulent flows at high Reynolds numbers have become an increasingly active area of research in recent years. Many challenges remain in theory, scaling, physical understanding, experimental techniques, and numerical simulations. In this paper we distill the salient advances of recent origin, particularly those that challenge textbook orthodoxy. Some of the outstanding questions, such as the extent of the logarithmic overlap layer, the universality or otherwise of the principal model parameters such as the von Karman "constant," the parametrization of roughness effects, and the scaling of mean flow and Reynolds stresses, are highlighted. Research avenues that may provide answers to these questions, notably the improvement of measuring techniques and the construction of new facilities, are identified. We also highlight aspects where differences of opinion persist, with the expectation that this discussion might mark the beginning of their resolution. (C) 2010 American Institute of Physics. [doi: 10.1063/1.3453711]