  We discuss a model-independent framework for the analysis of the radiative
B-meson decays B -> K* gamma and B -> rho gamma based on the heavy-quark limit
of QCD. We present a factorization formula for the treatment of B -> V gamma
matrix elements involving charm (or up-quark) loops, which contribute at
leading power in Lambda_QCD/m_B to the decay amplitude. Annihilation topologies
are power suppressed, but still calculable in some cases. The framework of QCD
factorization is necessary to compute exclusive b -> s(d) gamma decays
systematically beyond the leading logarithmic approximation. Results to
next-to-leading order in QCD and to leading order in the heavy-quark limit are
given and phenomenological implications are discussed.
