The relationship between the measured relaxation characteristics of nuclear spin polarization or coherence and molecular dynamics invariably is analyzed via the calculation of spectral density functions derived from single-sided Fourier transforms of time-dependent, angular correlation functions. Consequently, the associated spectral densities and hence, all derived relaxation parameters, are intrinsically complex-valued. The imaginary part of the spectral density, commonly associated with a "dynamic" frequency shift, generally has been considered negligible. However, an increasing number of situations have been noted in which these dynamic frequency shifts introduce readily measured and quantifiable spectral perturbations. In this review, the origin, characteristics, and, most important, the relevance of the dynamic frequency shift are discussed.