By employing a set of criteria for classifying the capabilities of time series models, recent developments in time series analysis are assessed and put into proper perspective. In particular, the inherent attributes of a wide variety of time series models and modeling procedures presented by the authors of the 18 papers contained in this volume are clearly pointed out. Additionally, it is explained how these models can address many of the time series problems encountered when modeling hydrologic, water quality and other kinds of time series. For instance, families of time series models are now available for modeling series which may contain nonlinearities or may follow nonGaussian distributions. Based upon a sound physical understanding of a problem and results from exploratory data analyses, the most appropriate model to fit to a data set can be found during confirmatory data analyses by following the identification, estimation and diagnostic check stages of model construction. Promising future research projects for developing flexible classes of time series models for use in water resources applications are suggested.