Over the past several decades, computational fluid dynamics has been increasingly used in the aerospace industry for the design and study of new and derivative aircraft. In this review we survey the CFD application process and note its place and importance within the everyday work of industry. Furthermore, the centrality of geometry and importance of turbulence models, higher-order numerical algorithms, output-based mesh adaptation, and numerical design optimization are discussed. Challenges in each area are noted and specific suggestions for investment are made. The review concludes with an outlook toward a future in which certification by analysis and model-based design are standard practice, along with a reminder of the steps necessary to lead the industry there.