  In this review article we describe some of the recent progress towards the
construction and analysis of three-charge configurations in string theory and
supergravity. We begin by describing the Born-Infeld construction of
three-charge supertubes with two dipole charges, and then discuss the general
method of constructing three-charge solutions in five dimensions. We explain in
detail the use of these methods to construct black rings, black holes, as well
as smooth microstate geometries with black hole and black ring charges, but
with no horizon. We present arguments that many of these microstate geometries
are dual to boundary states that belong to the same sector of the D1-D5-P CFT
as the typical states. We end with an extended discussion of the implications
of this work for the physics of black holes in string theory.
