Fuel cells have been the subject of hype and backlash of late. The hype took various forms, including the ‘We’ll have a product next year’ variety as well as inflated estimates system efficiency, simplicity, etc. Hopes have been dashed because of failure to adequately anticipate the difficulty of some technical and practical problems and from the short duration over which present-day configurations have been tested. The backlash has evolved from reaction to not meeting promises as well as from the realization of the aforementioned problems. Also, fuel cells are linked in many minds to the Hydrogen Economy, which has its own set of detractors. After reviewing these promises and pitfalls, this talk will discuss the current state of development of fuel cells, highlighting technical state of the art. Significant achievements and substantial activities to address some of the major challenges posed by the combination of cost, reliability and performance/functionality factors will be highlighted. By presenting a realistic assessment of these aspects, we hope to leave people with 'reasons to believe' in the promise of fuel cell technology in some applications