  We discuss the physics reach of $\beta$-Beams and $\nu$-Factories from a
theoretical perspective, having as a guideline the problem of degeneracies. The
presence of degenerate solutions in the measure of the neutrino oscillation
parameters $\theta_{13}$ and $\delta$ is, in fact, the main problem that have
to be addressed in planning future neutrino oscillation experiments. If
degeneracies are not (at least partially) solved, it will be almost impossible
to perform, at any future facility, precise measurements of $\theta_{13}$
and/or $\delta$. After a pedagogical introduction on why degenerate solutions
arise and how we can get rid of them, we analyze the physics reach of current
$\beta$-beam and $\nu$-factory configurations. The physics reach of the
"standard" \BB is severely affected by degeneracies while a better result can
be obtained by higher-$\gamma$ setups. At the \NF the combination of Golden and
Silver channels can solve the eightfold degeneracy down to $\sin^2\theta_{13}
\le 10^{-3}$
