  Observations that resolve nearby galaxies into individual regions across
multiple phases of the gas-star formation-feedback ``matter cycle'' have
provided a sharp new view of molecular clouds, star formation efficiencies,
timescales for region evolution, and stellar feedback. We synthesize these
results, cover aspects relevant to the interpretation of observables, and
conclude that:
  (1) The observed cloud-scale molecular gas surface density, line width, and
internal pressure all reflect the large-scale galactic environment while also
appearing mostly consistent with properties of a turbulent medium strongly
affected by self-gravity.
  (2) Cloud-scale data allow for statistical inference of both evolutionary and
physical timescales. These suggest that clouds collapse on timescale of order
the free-fall or turbulent crossing time ($\sim 10{-}30$~Myr) followed by the
formation of massive stars and subsequent rapid ($\lesssim$ 5 Myr) gas
clearing. The star formation efficiency per free-fall time is well determined
over thousands of regions to be $\epsilon_{\rm ff}\approx 0.5_{-0.3}^{+0.7}\%$.
  (3) The role of stellar feedback is now measured using multiple observational
approaches. The net momentum yield is constrained by the requirement to support
the vertical weight of the galaxy disk. Meanwhile, the short gas clearing
timescales suggest a large role for pre-supernova feedback in cloud disruption.
This leaves the supernovae free to exert a large influence on the larger scale
galaxy, including driving turbulence, launching galactic-scale winds, and
carving superbubbles.
