  I briefly review the theoretical models of radiatively efficient,
geometrically thin and optically thick accretion disk spectra that currently
exist for AGN. I then discuss three recent observational developments that have
real potential to teach us about the physics of these flows. Finally, I present
results on the most recent, thermodynamically consistent simulations of
magnetorotational turbulence and discuss what these simulations are suggesting
about the vertical structure of accretion disks.
