Some features of two recent approaches of two-phase potential flow are presented. The first approach is based on a set of progressive examples that can be analyzed using common techniques, such as conservation laws, and taken together appear to lead in the direction of a general theory. The second approach is based on variational methods, a classical approach to conservative mechanical systems that has a respectable history of application to single phase flows. This latter approach, exemplified by several recent papers by Geurst, appears generally to be consistent with the former approach, at least in those cases for which it is possible to obtain comparable results. Each approach has a justifiable theoretical base and is self-consistent. Moreover, both approaches appear to give the right prediction for several well-defined situations.