Photosynthesis involves capturing light energy and, most often, converting it to chemical energy stored as reduced carbon. It is the source of food, fuel, and fiber and there is a resurgent interest in basic research on photosynthesis. Plants make excellent use of visible light energy; leaves are ideally suited to optimize light use by having a large area per amount of material invested and also having leaf angles to optimize light utilization. It is thought that plants do not use green light but in fact they use green light better than blue light under some conditions. Leaves also have mechanisms to protect against excess light and how these work in a stochastic light environment is currently a very active area of current research. The speed at which photosynthesis can begin when leaves are first exposed to light and the speed of induction of protective mechanisms, as well as the speed at which protective mechanisms dissipate when light levels decline, have recently been explored. Research is also focused on reducing wasteful processes such as photorespiration, when oxygen instead of carbon dioxide is used. Some success has been reported in altering the path of carbon in photorespiration but on closer inspection there appears to be unforeseen effects contributing to the good news. The stoichiometry of interaction of light reactions with carbon metabolism is rigid and the time constants vary tremendously presenting large challenges to regulatory mechanisms. Regulatory mechanisms will be the topic of photosynthesis research for some time to come.