In the light–front description of nucleon structure the electromagnetic form factors are expressed in terms of frame–independent transverse densities of charge and magnetization. Recent work has studied the transverse densities at peripheral distances [Formula: see text], where they are governed by universal chiral dynamics and can be computed in a model–independent manner. Of particular interest is the comparison of the peripheral charge and magnetization densities. We summarize (a) their interpretation as spin–independent and –dependent current matrix elements; (b) the leading–order chiral effective field theory results; (c) their mechanical interpretation in the light–front formulation; (d) the large–Nc limit of QCD and the role of Δ intermediate states; (e) the connection with generalized parton distributions and peripheral high–energy scattering processes.