GaN power devices are an emerging technology that have only recently become available commercially. This new technology enables the design of converters at higher frequencies and efficiencies than those achievable with conventional Si devices. This paper reviews the characteristics and commercial status of both vertical and lateral GaN power devices, providing the background necessary to understand the significance of these recent developments. Additionally, the challenges encountered in GaN-based converter design are considered, such as the consequences of faster switching on gate driver design and board layout. Other issues include the unique reverse conduction behavior, dynamic Rds,on, breakdown mechanisms, thermal design, device availability, and reliability qualification. This review will help prepare the reader to effectively design GaN-based converters as these devices become increasingly available on a commercial scale.