  We review recent work on the instability of the heavy Fermi liquid state (FL)
of the Kondo lattice towards a magnetic metal in which the local moments are
not part of the Fermi sea. Using insights drawn from the theory of deconfined
quantum criticality of insulating antiferromagnets, we discuss the possibility
of a direct second order transition between the heavy Fermi liquid and such a
magnetic metal. We suggest the presence of at least two distinct diverging time
scales - the shorter one describes fluctuations associated with the
reconstruction of the Fermi surface, while a longer one describes fluctuations
of the magnetic order parameter. The intermediate time scale physics on the
magnetic side is suggested to be that of a novel fractionalized Fermi liquid
(FL*) state with deconfined neutral S=1/2 excitations. This could ultimately
devolve into the magnetic phase with conventional order at one of the larger
time scales. Experimental implications for this scenario are noted.
