This short critical review summarises and analyses the developments in Fischer-Tropsch catalysis using bimetallic alloys. We introduce a simple notation for such catalysts, and monitor the reports of synergistic effects and composition/performance relationships. Special attention is given to CoFe alloys on a variety of supports, and to the effects of catalyst preparation methods and pre-treatment conditions. The key drawbacks in comparing the large amount of data available on Fischer-Tropsch catalysis are the high dimensionality of the problem and the lack of long time-on-stream studies. Based on the new understanding coming from characterisation studies of supported bimetallic particles, we propose a structured approach for effectively studying Fischer-Tropsch catalysis.