The use of computational complexity in planning, and in AI in general, has always been a disputed topic. A major problem with ordinary worst-case analyses is that they do not provide any quantitative information: they do not tell us much about the running time of concrete algorithms, nor do they tell us much about the running time of optimal algorithms. We address problems like this by presenting results based on the exponential time hypothesis (ETH), which is a widely accepted hypothesis concerning the time complexity of 3-SAT. By using this approach, we provide, for instance, almost matching upper and lower bounds onthe time complexity of propositional planning.