Pt/Co and Pd/Co multilayers with a large perpendicular magnetic anisotropy and a relatively large polar Kerr effect at short wavelength are considered candidates for anew, high density, magneto-optical recording medium. Their potential application has motivated numerous studies of their fundamental magnetic, magneto-optical, ~nd practical recording properties. This paper reviews the current state of understanding and some of the challenges that need to be met before practical application of this multilayer technology.