  We review the spectral properties of the black hole candidate Cygnus X-1.
Specifically, we discuss two recent sets of multi-satellite observations. One
comprises a 0.5-500 keV spectrum, obtained with every flying X-ray satellite at
that time, that is among the hardest Cyg X-1 spectra observed to date. The
second set is comprised of 0.5-40 keV Chandra-HETG plus RXTE-PCA spectra from a
radio-quiet, spectrally soft state. We first discuss the "messy astrophysics"
often neglected in the study of Cyg X-1, i.e., ionized absorption from the wind
of the secondary and the foreground dust scattering halo. We then discuss
components common to both state extremes: a low temperature accretion disk, and
a relativistically broadened Fe line and reflection. Hard state spectral models
indicate that the disk inner edge does not extend beyond ~40 GM/c^2, and may
even approach as close as ~6 GM/c^2. The soft state exhibits a much more
prominent disk component; however, its very low normalization plausibly
indicates a spinning black hole in the Cyg X-1 system.
