  We present a new analysis of the rare decay K_L -> pi0 e+ e- taking into
account important experimental progress that has recently been achieved in
measuring K_L -> pi0 gamma gamma and K_S -> pi0 e+ e-. This includes a brief
review of the direct CP-violating component, a calculation of the indirect
CP-violating contribution, which is now possible after the measurement of K_S
-> pi0 e+ e-, and a re-analysis of the CP conserving part. The latter is shown
to be negligible, based on experimental input from K_L -> pi0 gamma gamma, a
more general treatment of the form factor entering the dispersive contribution,
and on a comparison with the CP violating rate, which can now be estimated
reliably. We predict B(K_L -> pi0 e+ e-) = (3.2 +1.2 -0.8) 10^{-11} in the
Standard Model, dominated by CP violation with a sizable contribution (~40%)
from the direct effect, largely through interference with the indirect one.
Methods to deal with the severe backgrounds for K_L -> pi0 e+ e- using
Dalitz-plot analysis and time-dependent K_L-K_S interference are also briefly
discussed.
