 In spite of the fact that the situation is, to some extent, still open and requires further investigations, it has to be recognized that the efforts which have been spent on such a program have made a better understanding of some crucial points possible and have thrown light on some important conceptual issues. First, they have led to a completely general and rigorous formulation of the concept of stochastic invariance. Second, they have prompted a critical reconsideration, based on the discussion of smeared observables with compact support, of the problem of locality at the individual level. This analysis has brought out the necessity of reconsidering the criteria for the attribution of objective local properties to physical systems. In specific situations, one cannot attribute any local property to a microsystem: any attempt to do so gives rise to ambiguities. However, when dealing with macroscopic systems, the impossibility of attributing to them local properties (or, equivalently, the ambiguity associated to such properties) lasts only for time intervals necessary for the dynamical reduction to take place. Moreover, no objective property corresponding to a local observable, even for microsystems, can emerge as a consequence of a measurement-like event occurring in a space-like separated region: such properties emerge only in the future light cone of the considered macroscopic event. Finally, recent investigations (Ghirardi &amp; Grassi 1996; Ghirardi 2000) have shown that the very formal structure of the theory is such that it does not allow, even conceptually, to establish cause-effect relations between space-like events.