The present paper reviews the phase properties of phosphatidylcholine-sphingomyelin-cholesterol mixtures, that are often used as models for membrane "raft" microdomains. The available data based on X-ray, microscopic and spectroscopic observations, surface pressure and calorimetric measurements, and detergent solubilization assays, are critically evaluated and rationalized in terms of triangular phase diagrams. The remaining uncertainties are discussed specifically and separately from the data on which a consensus appears to exist.