  The factorization properties of the radiative decays B->V gamma are analyzed
at leading order in 1/m_b using the soft-collinear effective theory. It is
shown that the decay amplitudes can be expressed in terms of a B->V form factor
evaluated at q^2=0, light-cone distribution amplitudes of the B and V mesons,
and calculable hard-scattering kernels. The renormalization-group equations in
the effective theory are solved to resum perturbative logarithms of the
different scales in the decay process. Phenomenological implications for the
B->K* gamma branching ratio, isospin asymmetry, and CP asymmetries are
discussed, with particular emphasis on possible effects from physics beyond the
Standard Model.
