Recent achievements in the heavy quark theory are critically reviewed. The
emphasis is put on those aspects which either did not attract enough attention
or cause heated debates in the current literature. Among other topics we
discuss (i) basic parameters of the heavy quark theory; (ii) a class of exact
QCD inequalities; (iii) new heavy quark sum rules; (iv) virial theorem; (v)
applications (|V_cb| from the total semileptonic width and from the B->D*
transition at zero recoil). In some instances new derivations of the previously
known results are given, or new aspects addressed. In particular, we dwell on
the exact QCD inequalities. Furthermore, a toy model is considered that may
shed light on the controversy regarding the value of the kinetic energy of
heavy quarks obtained by different methods.Comment: 67 pages, 6 Figures; plain LaTeX. Changes: Some equations in Sect.4
related to spin-nonsinglet sum rules are corrected. The references are
updated