Spectral estimation, and corresponding time-frequency representation for nonstationary signals, is a cornerstone in geophysical signal processing and interpretation. The last 10-15 years have seen the development of many new high-resolution decompositions that are often fundamentally different from Fourier and wavelet transforms. These conventional techniques, like the short-time Fourier transform and the continuous wavelet transform, show some limitations in terms of resolution (localization) due to the trade-off between time and frequency localizations and smearing due to the finite size of the time series of their template. Well-known techniques, like autoregressive methods and basis pursuit, and recently developed techniques, such as empirical mode decomposition and the synchrosqueezing transform, can achieve higher time-frequency localization due to reduced spectral smearing and leakage. We first review the theory of various established and novel techniques, pointing out their assumptions, adaptability, and expected time-frequency localization. We illustrate their performances on a provided collection of benchmark signals, including a laughing voice, a volcano tremor, a microseismic event, and a global earthquake, with the intention to provide a fair comparison of the pros and cons of each method. Finally, their outcomes are discussed and possible avenues for improvements are proposed.