  We discuss the exclusive radiative B-meson decays B -> K* gamma and B -> rho
gamma in a model-independent manner. The analysis is based on the heavy-quark
limit of QCD. This allows a factorization of perturbatively calculable
contributions to the B -> V gamma matrix elements from non-perturbative form
factors and universal light-cone distribution amplitudes. These results allow
us to compute exclusive b -> s(d) gamma decays systematically beyond the
leading logarithmic approximation. We present results for these decays complete
to next-to-leading order in QCD and to leading order in the heavy-quark limit.
Phenomenological implications for various observables of interest are
discussed, including direct CP violation and isospin breaking effects.
