The recently identified olfactory and taste receptors offer intriguing discovery opportunities for novel ways to modulate taste and smell. Emerging technologies of rapid target identification, validation, screening, and lead optimization could be applied to these receptors with unique efficiency. Chemosensation offers an unparalleled potential of rapid functional testing and feedback to discovery. Tight integration of a complete suite of discovery disciplines is the midterm goal at Senomyx. Recent advances in the functional characterization of olfactory and taste receptors and their role in sensory perception will be presented and an outlook on the potential impact of these discoveries on chemosensory research and novel product opportunities will be given.