The general field of preparation and study of metastable and modulated semiconductor structures has progressed rapidly in recent years. This short overview offers an assessment of the progress and current understanding in the areas of fabrication, characterization, and utilization of these new material system. The discussion includes the more prominent growth techniques, theoretical and experimental analysis of growth kinetics, and an overview of structural, chemical, electronic, and optical characterization. The probable application of these structures for the technological development of new device structures and concepts is considered. The discussion particularly emphasizes the prospects for future studies in view of the specific current understanding.