Recent
advances in the calculation of activation energies are shedding
new light on the dynamical time scales of liquid water. In this Perspective,
we examine how activation energies elucidate the central, but not
singular, role of the exchange of hydrogen-bond (H-bond) partners
that rearrange the H-bond network of water. The contributions of other
motions to dynamical time scales and their associated activation energies
are discussed along with one case, vibrational spectral diffusion,
where H-bond exchanges are not mechanistically significant. Nascent
progress on outstanding challenges, including descriptions of non-Arrhenius
effects and activation volumes, are detailed along with some directions
for future investigations.