  We analyze $\sim$32 years of optical spectra and photometry for the symbiotic
binary PU Vul. Light curves for the He I $\lambda$4471, He II $\lambda$4686 and
H$\beta$ $\lambda$4861 emission lines reveal an illumination effect, where the
hot white dwarf ionizes the outflowing wind of the red giant, and evidence for
an eccentric orbit with e $\approx$ 0.16. Along with the gradual appearance of
high ionization emission from [Fe VII] and O VI, the relative fluxes of these
lines suggest an increase in the effective temperature of the hot component,
from roughly $10^5$ K on JD 2448000 (1990) to roughly $2\times 10^5$ K on JD
2455000 (2009). During this period, the luminosity of the hot component dropped
by a factor of 4$-$6 to a current value of roughly 1000 L$_{\odot}$.
