About a decade ago, psychology of the arts started to gain momentum owing to a number of drives: technological progress improved the conditions under which art could be studied in the laboratory, neuroscience discovered the arts as an area of interest, and new theories offered a more comprehensive look at aesthetic experiences. Ten years ago, Leder, Belke, Oeberst, and Augustin (2004) proposed a descriptive information‐processing model of the components that integrate an aesthetic episode. This theory offered explanations for modern art's large number of individualized styles, innovativeness, and for the diverse aesthetic experiences it can stimulate. In addition, it described how information is processed over the time course of an aesthetic episode, within and over perceptual, cognitive and emotional components. Here, we review the current state of the model, and its relation to the major topics in empirical aesthetics today, including the nature of aesthetic emotions, the role of context, and the neural and evolutionary foundations of art and aesthetics.