The last decade has witnessed great experimental progress that has led to measurements of near threshold cross sections-polarized as well as unpolarized-of high accuracy for various inelastic nucleon-nucleon collision channels. These data, naturally, pose challenges to theorists to develop methods by which they can be understood and explained in commensurate detail.In this work we review the status of the present theoretical understanding of this class of reactions with special emphasis on model-independent methods. We discuss in detail not only the many observables involved in the reactions, but also the physical questions that can be addressed by studying them in the various reaction channels. The special advantages of nucleon-nucleon induced reactions are stressed.Foremost among these is the use of the initial and final states as a spin/isospin filter. This opens, for example, a window into the spin dependence of the hyperon-nucleon interaction and the dynamics of the light scalar mesons.