The main purpose of this paper is to assess the validity of the contention that, over the past few decades, the public sphere has undergone a new structural transformation. To this end, the analysis focuses on Habermas’s recent inquiry into the causes and consequences of an allegedly ‘new’ or ‘further’ [erneuten] structural transformation of the political public sphere. The paper is divided into two parts. The first part considers the central arguments in support of the ‘new structural transformation of the public sphere’ thesis, shedding light on its historical, political, economic, technological, and sociological aspects. The second part offers some reflections on the most important limitations and shortcomings of Habermas’s account, especially with regard to key social developments in the early twenty-first century. The paper concludes by positing that, although the constitution of the contemporary public sphere is marked by major—and, in several respects, unprecedented—structural transformations, their significance should not be overstated, not least due to the enduring role of critical capacity in highly differentiated societies.