The black hole information paradox forces us into a strange situation: we must find a way to break the semiclassical approximation in a domain where no quantum gravity effects would normally be expected. Traditional quantizations of gravity do not exhibit any such breakdown, and this forces us into a difficult corner: either we must give up quantum mechanics or we must accept the existence of troublesome `remnants'. In string theory, however, the fundamental quanta are extended objects, and it turns out that the bound states of such objects acquire a size that grows with the number of quanta in the bound state. The interior of the black hole gets completely altered to a `fuzzball' structure, and information is able to escape in radiation from the hole. The semiclassical approximation can break at macroscopic scales due to the large entropy of the hole: the measure in the path integral competes with the classical action, instead of giving a subleading correction. Putting this picture of black hole microstates together with ideas about entangled states leads to a natural set of conjectures on many long-standing questions in gravity: the significance of Rindler and de Sitter entropies, the notion of black hole complementarity, and the fate of an observer falling into a black hole.

43 pages, 16 figures (To appear in special volume of Annals of Physics, July 2012); Reference added