Inelastic neutron scattering experiments have revealed a variety of interesting and unusual phenomena associated with the spin dynamics of the 3-d transition metal ferromagnets nickel and iron. An extensive series of calculations based on the itinerant electron formalism has demonstrated that the itinerant model does provide an excellent quantitative as well as qualitative description of the measured spin dynamics of both nickel and iron at low temperatures. Recent angular photoemission experiments have indicated that there is a rather strong temperature dependence of the electronic spin-splitting which, from relatively crude arguments, appears to be inconsistent with neutron scattering results. In order to investigate this point and also the origin of spin-wave renormalization, a series of calculations of the dynamic susceptibility of nickel and iron has been undertaken. The results of these calculations indicate that a discrepancy exists between the interpretations of neutron and photoemission experimental results regarding the temperature dependence of the spin-splitting of the electronic energy bands.