  We review the phenomenology of the rare decay \bar B -> X_s l+ l-. We present
the results of a detailed phenomenological analysis and discuss the role of the
decay in the search for new physics at present and future colliders. Moreover,
we extensively elaborate on the size of electromagnetic logarithms
ln(m_b^2/m_l^2) in view of experimental cuts. We point out the differences in
the analyses of BaBar and Belle and give suggestions on how to treat collinear
photons in the experimental analyses. These recommendations correspond
precisely to theoretical prescriptions and can be combined with measurements
performed at a Super-B factory.
