Fascination with Homer's Iliad has led scholars, even before Schliemann, to postulate that Ilios/Troia was not only a real place but also that Homer gave an essentially realistic account of the topographical features and the historical importance of Priam's splendid city. The present * This article is a revised and expanded version of a paper given at the Tübingen Troy Conference "Die Bedeutung Troias in der späten Bronzezeit", 15-16 February, 2002. I am deeply obliged to Judith Binder (Athens) for intensive discussion and her careful revision of the English text. R.A. Bridges, B. Hänsel, J.D. Muhly and J.P. Sickinger gave me valuable advice. The author visited the Troy excavation in 1989 and in 1997, when he spent one whole day with the excavator M. Korfmann in the excavation area, thoroughly discussing the archaeological evidence. At that time, the discoveries that the excavator considers as being of prime importance had already been made: the alleged settlement wall, the so-called defensive ditches, and the majority of the house remains in the so-called lower city. Since 1998 the excavation activities have been systematically reduced year by year and no significant discoveries have been made.