  The recently obtained strong evidence for $D^0 - \bar D^0$ oscillations from
the $B$ factories provides an important benchmark in our search for New Physics
in charm transitions. While the theoretical verdict on the observed values of
$x_D$ and $y_D$ is ambiguous -- they could be fully generated by SM dynamics,
yet could contain also a sizable contribution from New Physics -- such
oscillations provide a new stage for \cp violation driven by New Physics. After
emphasizing the unique role of charm among up-type quarks, I describe in some
detail the \cp phenomenology for charm decays.
