Light-Quark, Heavy-Quark Systems: An Update

We review many of the recently developed applications of Heavy Quark Effective Theory techniques. After a brief update on Luke's theorem, we describe striking relations between heavy baryon form factors, and how to use them to estimate the accuracy of the extraction of $|V_{cb}|$. We discuss factorization and compare with experiment. An elementary presentation, with sample applications, of reparametrization invariance comes next. The final and most extensive chapter in this review deals with phenomenological lagrangians that incorporate heavy-quark spin-flavor as well as light quark chiral symmetries. We compile many interesting results and discuss the validity of the calculations.