Among magnetoelectric (ME) heterostructures, ME laminates of the type Metglas-like/PVDF (magnetostrictive+piezoelectric constituents) have shown the highest induced ME voltages, usually detected at the magnetoelastic resonance of the magnetostrictive constituent. This ME coupling happens because of the high cross-correlation coupling between magnetostrictive and piezoelectric material, and is usually associated with a promising application scenario for sensors or actuators. In this work we detail the basis of the operation of such devices, as well as some arising questions (as size effects) concerning their best performance. Also, some examples of their use as very sensitive magnetic fields sensors or innovative energy harvesting devices will be reviewed. At the end, the challenges, future perspectives and technical difficulties that will determine the success of ME composites for sensor applications are discussed.