Using density functional theory, we have carried out a quantum chemical survey of high-valent transition metal porphyrins and related compounds. Discussed herein are recent developments on metalloporphyrin pi-cation radicals, high-valent manganese and iron porphyrins and heme protein intermediates, nickel(III) porphyrinoids, coenzyme F430, and high-valent transition metal corroles. In particular, we focus on whether the molecules of interest feature "true" high-valent metal centers, whether the ligands are oxidized instead, i.e. are noninnocent, or whether the electronic structures fall somewhere along the continuum between these scenarios.