  Our knowledge of flavour dynamics has undergone a `quantum jump' since just
before the turn of the millenium: direct \cp violation has been firmly {\em
established} in $K_L \to \pi \pi$ decays in 1999; the first \cp asymmetry
outside $K_L$ decays has been discovered in 2001 in $B_d \to \psi K_S$,
followed by $B_d \to \pi^+\pi^-$ and $B \to K^{\pm}\pi^{\mp}$, the latter
establishing direct \cp violation also in the beauty sector. Furthermore CKM
dynamics allows a description of \cp insensitive and sensitive $B$, $K$ and $D$
transitions that is impressively consistent also on the quantitative level.
Theories of flavour dynamics that could serve as {\em alternatives} to CKM have
been ruled out. Yet these novel successes of the Standard Model (SM) do not
invalidate any of the theoretical arguments for the incompleteness of the SM.
In addition we have also more direct evidence for New Physics, namely neutrino
oscillations, the observed baryon number of the Universe, dark matter and dark
energy. While the New Physics anticipated at the TeV scale is not likely to
shed any light on the SM's mysteries of flavour, detailed and comprehensive
studies of heavy flavour transitions will be essential in diagnosing salient
features of that New Physics. Strategic principles for such studies will be
outlined.
