The purpose of this paper is to examine some of the models commonly used to represent/nfading as well as the information-theoretic metrics most commonly used to evaluate performance/nover those models. We raise the question of whether these models and metrics remain/nmeaningful in light of the advances that wireless systems have undergone over the last/ntwo decades. A number of weaknesses are pointed out, and ideas on possible fixes are put/nforth. Some of the identified weaknesses have to do with models that, over time, have become/ngrossly inadequate; other weaknesses have to do with changes in the operating conditions/nof wireless systems, and others with the coarse and asymptotic nature of some of the most/npopular performance metrics (“diversity” and “multiplexing”).