The historic series of excavations of Hisarlik-Troy have been continued over the last 15 years by a collaboration between teams from the universities of Tübingen and Cincinnati with fruitful results. Over the year 2001 however the director, Manfred Korfmann, attracted sharp criticism from colleagues, largely through the medium of the press, for his methods and publications. He was accused of exaggerating the importance of the site in the Late Bronze Age, particularly as a political capital and trading centre of Anatolia, and more specifically of unduly inflating the results of his investigations of the lower city. A symposium was convened by the University of Tübingen in February 2002 with a view to discussing these criticisms and the defence in an academic atmosphere. The four authors of this article attended the Tübingen symposium. After listening to the contributions it seemed to us that an assessment of the issues from our respective view-points would be timely: thus a detailed consideration of the archaeological questions, a review of the notable recent progress in Hittite sources firming up the historical geography of western Anatolia, and an evaluation of Troy's position in Late Bronze Age trade. In all these areas we conclude that the criticisms of Korfmann are themselves considerably exaggerated.