perspective on the physics underlying the conventional and new systems and their performance limits.The discussion is focused on two key issues, which have for long hindered OPV performances, and their applicability to the new systems. The first is a charge generation-open-circuit voltage (V oc ) tradeoff, which has typically meant a driving force is required for charge transfer. Consequently, high-performance devices have exhibited either a high short-circuit current J sc or a high V oc . [1] The second is that the slow charge extraction and fast recombination mean the optimum device performance is obtained at active layer thicknesses inferior to those required for full absorption. This is manifested in a tradeoff between absorption and fill factor (FF). We first provide a modern outlook on the physics behind these tradeoffs. Both the fundamentals and their application to OPV systems are covered. We introduce the thermodynamics of photovoltaic conversion, which are currently the most powerful tool to describe the V oc of OPVs. We cover the various theories behind charge generation and, to widen the debate, their implications on devices and especially their V oc .This leads us to consider the recent small molecule systems and the exciting possibilities for experimental insights they offer. Some of these systems show record values for their emission yield and very low charge generation-V oc tradeoffs. Also, the role of nonradiative recombination due to molecular vibrations is receiving increasing attention. We examine the role of the tradeoffs in limiting NFA performance and suggest potential explanations for their improved performance as well as some promising avenues for research.