The last decade witnessed significant progress in angle-resolved photoemission spectroscopy (ARPES) and its applications. Today, ARPES experiments with 2 meV energy resolution and 0.2 • angular resolution are a reality even for photoemission on solid systems. These technological advances and the improved sample quality have enabled ARPES to emerge as a leading tool in the investigation of the high-Tc superconductors. This paper reviews the most recent ARPES results on the cuprate superconductors and their insulating parent and sister compounds, with the purpose of providing an updated summary of the extensive literature in this field. The low energy excitations are discussed with emphasis on some of the most relevant issues, such as the Fermi surface and remnant Fermi surface, the superconducting gap, the pseudogap and d-wave-like dispersion, evidence of electronic inhomogeneity and nano-scale phase separation, the emergence of coherent quasiparticles through the superconducting transition, and many-body effects in the one-particle spectral function due to the interaction of the charge with magnetic and/or lattice degrees of freedom. Given the dynamic nature of the field, we chose to focus mainly on reviewing the experimental data, as on the experimental side a general consensus has been reached whereas interpretations and related theoretical models can vary significantly. The first part of the paper introduces photoemission spectroscopy in the context of strongly interacting systems, along with an update on the state-of-the-art instrumentation. The second part provides a brief overview of the scientific issues relevant to the investigation of the low energy electronic structure by ARPES. The rest of the paper is devoted to the review of experimental results from the cuprates and the discussion is organized along conceptual lines: normal-state electronic structure, interlayer interaction, superconducting gap, coherent superconducting peak, pseudogap, electron self energy and collective modes. Within each topic, ARPES data from the various copper oxides are presented.