The occurrence of neuronal spikes recorded directly from sensory cortex is highly irregular within and between presentations of an invariant stimulus. The traditional solution has been to average responses across many trials. However, with this approach, response variability is downplayed as noise, so it is assumed that statistically controlling it will reveal the brain’s true response to a stimulus. A mounting body of evidence suggests that this approach is inadequate. For example, experiments show that response variability itself varies as a function of stimulus dimensions like contrast and state dimensions like attention. In other words, response variability has structure, is therefore potentially informative and should be incorporated into models which try to explain neural encoding. In this article we provide commentary on a recently published study by Coen-Cagli and Solomon that incorporates spike variability in a quantitative model, by explaining it as a function of divisive normalization. We consider the potential role of neural oscillations in this process as a potential bridge between the current microscale findings and response variability at the mesoscale/macroscale level.