  Exclusive B decays can be factorized as convolutions of hard scattering
amplitudes involving the weak interaction with universal hadron distribution
amplitudes, thus providing a new QCD-based phenomenology. In addition,
semi-leptonic decay amplitudes can be computed exactly in terms of the diagonal
and off-diagonal overlap of hadronic light-cone wavefunctions. I review these
formalisms and the essential QCD ingredients. canonical form of the light-cone
wavefunctions, valid at low values of the transverse momenta, is presented. The
existence of intrinsic charm Fock states in the B meson wavefunction can
enhance the production of final states of B -decay with three charmed quarks,
such as B --> J/psi D pi, as well as lead to the breakdown of the CKM
hierarchy.
