  For the problem of calculating bound states in quantum field theory, the
light-cone representation offers advantages over the more common equal-time
representation. It also has subtleties and disadvantages compared to the
equal-time representation. If current efforts to use the light-cone
representation to solve for the properties of hadrons in QCD are to succeed, at
least two problems have to be solved: we must find the induced operators; we
must develop an effective procedure of regularization and renormalization. In
this paper I will try to explain what an induced operator is and say what we
know about them and will report on recent attempts to develop an effective
procedure of regularization and renormalization.
