Most cognitive psychophysiological studies assume (1) that there is a chain of (partially overlapping) cognitive processes (processing stages, mechanisms, operators) leading from stimulus to response, and (2) that components of event-related brain potentials (ERPs) may be regarded as manifestations of these processing stages. What is usually discussed is which particular processing mechanisms are related to some particular component, but not whether such a relationship exists at all. Alternatively, from the point of view of noncognitive (e. g., “naturalistic”) theories of perception ERP components might be conceived of as correlates of extraction of the information from the experimental environment. In a series of experiments, the author attempted to separate these two accounts, i. e., internal variables like mental operations or cognitive parameters versus external variables like information content of stimulation. Whenever this separation could be performed, the latter factor proved to significantly affect ERP amplitudes, whereas the former did not. These data indicate that ERPs cannot be unequivocally linked to processing mechanisms postulated by cognitive models of perception. Therefore, they cannot be regarded as support for these models.