In the last two years momentum in the development of the emerging cellulosic biofuel industry has increased sharply in all sectors: government, academic and private. Interest in potential feedstocks and conversion technologies is highly diverse, almost to the point of chaos. In addition, at this stage it is not clear what structure will be developed in this industry. While there will definitely be more than one feedstock used, there will likely be fewer economically successful conversion technologies, with some definite winners and losers. Recognizing this set of circumstances, the risk of getting involved at this point is high. In this presntation the current status of the cellulosic biofuel industry will be reviewed with respect to feedstocks and conversion technologies, and an attempt will be made to predict what might occur as the industry develops in the next few years.