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The recent emergence of efficient solar cells based on organic/inorganic lead halide perovskite absorbers promises to transform the fields of dye-sensitized, organic, and thin film solar cells. Solution processed photovoltaics incorporating perovskite absorbers have achieved efficiencies of 15%  in solid-state device configurations, superseding liquid dye sensitized solar cell (DSC), evaporated and tandem organic solar cells, as well as various thin film photovoltaics; thus establishing perovskite solar cells as a robust candidate for commercialization. Since the first reports in late 2012, interest has soared in the innovative device structures as well as new materials, promising further improvements. However, identifying the basic working mechanisms, which are still being debated, will be crucial to design the optimum device configuration and maximize solar cell efficiencies. Here we distill the current state-of-the-art and highlight the guidelines to ascertain the scientific challenges as well as the requisites to make this technology market-viable.