Since the Apollo missions, we have emphasized the following points, which are based on theoretical calculations and on laboratory studies of the properties of evaporated silicate deposits and of lunar samples. The mass of vapor generated by impacts on the lunar surface is comparable in magnitude to the mass of impact melt glasses; the physics of impact into a porous regolith requires that much of this vapor be retained in the soil rather than lost to space (as is widely believed); experimental coatings made from vaporized or sputtered lunar basalt contain abundant inclusions of submicroscopic, super paramagnetic metallic Fe; and this Fe may explain the magnetic signature, low albedo, reddened spectrum, and subdued absorption bands of lunar regolith. Our conclusions have been generally rejected by the lunar geochemical community for two reasons: there seemed to be no direct evidence for vapor deposits in Apollo samples, and it seemed that the lunar optical properties could be explained by the presence of impact melt glasses alone. However, advances in our understanding of the optical properties of glasses and of light scattering by planetary regoliths, and now the direct detection of vapor deposits, show that these objections are not valid. Vapor phase transport is a major process on the lunar surface, and unless its effects are taken into account, the chemical, magnetic, and optical properties of the regolith cannot be understood.