  The unique nature of the photon can be investigated in hitherto unexplored
kinematic regions at LEP2. We discuss the theoretical significance of deep
inelastic measurements and present a prescription that allows a theoretically
and experimentally sensible separation of the so-called `anomalous' and
`hadronic' components of the target photon. We perform preliminary studies
regarding the ability to reconstruct the $\gamma^* \gamma$ CM energy (and hence
$x$) and the usefulness of the easier to measure electron structure function.
