  Instrumenting the LHC to measure the outgoing protons in the process pp ->
p+X+p opens up new possibilities for physics studies in the Standard Model and
beyond. In this talk I first present an overview of the underlying QCD
calculation and its uncertainties. I then move on to present a variety of new
physics scenarios which one would want to explore via this unique channel.
There is a short discussion of the recent CDF data which may provide evidence
for the existence of central exclusive jet production at the Tevatron.
