Moduli spaces of hyperkähler manifolds or of sheaves on them are often nonseparated. We will discuss results where this phenomenon reflects interesting geometric aspects, e.g. deformation equivalence of birational hyperkähler manifolds or cohomological properties of derived autoequivalences. In these considerations the Ricci-flat structure often plays a crucial role via the associated twistor space providing global deformations of manifolds and bundles.The aim of this note is to review a few scattered results for which non-separation phenomena and twistor spaces play a decisive role. We will touch upon questions concerning the birational geometry of hyperkähler manifolds, derived categories of coherent sheaves on K3 surfaces and their autoequivalences, Brauer classes, hyperholomorphic bundles, Chow groups, etc. There is no attempt at completeness and I apologize for not covering the material in a more concise form. I believe that some of the techniques can be pushed further to treat other interesting open problems in the area, some of which will be mentioned at the end.