As the new second generation comes of age in the twenty-first century, it is making an indelible imprint in cities across the country, compelling immigration scholars to turn their attention to this growing population. In this essay, we first review the extant literature on immigrant incorporation, with a particular focus on the mobility patterns of the new second generation. Second, we critically evaluate the existing assumptions about the definitions of and pathways to success and assimilation. We question the validity and reliability of key measures of social mobility, and also assess the discrepancy between the “objective” measures often used in social science research and the “subjective” measures presented by members of the second generation. Third, we examine the identity choices of the new second generation, focusing on how they choose to identify themselves, and the mechanisms that underlie their choice of identities. We illuminate our review with some preliminary findings from our ongoing qualitative study of 1.5- and second-generation Mexicans, Chinese, and Vietnamese in Los Angeles. In doing so, we attempt to dispel some myths about group-based cultures, stereotypes, and processes of assimilation.