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The study of rare kaon decays continues to have a significant impact on the development of our understanding of fundamental physics, both in terms of searches for new physics and refined measurements of Standard Model parameters. I will review the current status of the field along with some planned experiments with particular emphasis on these two aspects of the field.
We give a status report on inclusive rare B decays, highlighting recent developments and open problems. We focus on the decay modes B[yields] X[sub s, d][gamma], B[yields] X[sub s][ell][sup+][ell][sup -] and B[yields] X[sub s][nu][bar[nu]]and on their role in the search for new physics. Most of the inclusive rare B decays are important modes of flavour physics due to the small hadronic uncertainties. They can be regarded as laboratories to search for new physics. We collect the experimental data already available from CLEO and the B factories BABAR and BELLE. We review the NLL and NNLL QCD calculations of the inclusive decay rates that were recently completed, and discuss future prospects, especially the issue of the charm mass scheme ambiguity. Finally, we analyze the phenomenological impact of these decay modes, in particular on the CKM phenomenology and on the indirect search for supersymmetry. We also briefly discuss direct CP violation in inclusive rare B decays, as well as the rare kaon decays K[sup+][yields][pi][sup+][nu][bar[nu]] and K[sub L][yields][pi][sup 0][nu][bar[nu]], which offer complementary theoretically clean information.