  The two-dimensional Ising model with competing short range ferromagnetic
interactions and long range antiferromagnetic interactions is perhaps the most
simple one containing the minimal microscopic ingredients necessary for an
appropriate description of the macroscopic properties of ultrathin films and
quasi--two--dimensional magnetic materials. Despite such relative simplicity,
the frustration introduced by the competition between interactions generates
complex behaviors that have eluded, up to now, a complete understanding of its
general properties. In this work we review recent advances in the understanding
of both equilibrium and non-equilibrium properties of the model. This includes
a detailed description of several known properties of the thermodynamical phase
diagram, as well as the existence of several types of metastable states and
their influence in the low temperature dynamics.
