  This is a summary of key issues in Matrix Theory and its compactifications.
It is emphasized that Matrix Theory is a valid Discrete Light Cone Quantization
of M Theory with at least 6 noncompact asymptotically flat dimensions and 16 or
32 Supersymmetry Charges. The background dependence of the quantum mechanics of
M Theory, and the necessity of working in light cone frame in asymptotically
flat spacetimes are explained in terms of the asymptotic density of states of
the theory, which follows from the Bekenstein-Hawking entropy formula. In four
noncompact dimensions one is led to expect a Hagedorn spectrum in light cone
energy. This suggests the possible relevance of ``little string theories''
(LSTs) to the quantum description of four dimensional compactifications,
because one can argue that their exact high energy spectrum has the Hagedorn
form. Some space is therefore devoted to a discussion of the properties of
LSTs, which were first discovered as the proper formulation of Matrix Theory on
the five torus.
