  We reconsider the `long-range' component of the radiative transition $B \to
K^* \gamma$. A careful analysis of the vector dominance amplitude $B \to V_1
V_2 \to V_1 \gamma$ is carried out, with emphasis on the role of gauge
invariance. The procedure for incorporating phenomenological $B\to V_1 V_2$
data is identified and polarization data, only recently available, is employed
to estimate the magnitude of the vector dominance effect. We summarize
uncertainties in the $B\to K^*\gamma$ radiative transition produced by
long-range effects and provide sugggestions for further experimental work.
