  In this paper we present an improved theoretical scenario concerning near
infrared and visual magnitudes of RR Lyrae variables, as based on up-to-date
pulsating models. On this basis, we revisit the case of the prototype variable
RR Lyr, showing that the parallax inferred by this new pulsational approach
appears in close agreement with HST absolute parallax. Moreover, available K
and V measurements for field and cluster RR Lyrae variables with known
reddening and metal content are used to derive a relation connecting the K
absolute magnitude to period and metallicity, as well as a new calibration of
the M_V-[Fe/H] relation. The comparison between theoretical prescriptions and
observations suggests that RR Lyrae stars in the field and in Galactic Globular
Clusters should have quite similar evolutionary histories. The comparison
between theory and observations also discloses a general agreement that
supports the reliability of current pulsational scenario. On the contrary,
current empirical absolute magnitudes based on the Baade-Wesselink (BW) method
suggest relations with a zero-point that is fainter than predicted by pulsation
models, together with a milder metallicity dependence. However, preliminary
results based on a new calibration of the BW method provided by Cacciari et al.
(2000) for RR Cet and SW And appear in a much better agreement with the
pulsational predictions.
