Highlights from Five Years at the B Factories

The highlights and conflicts at the B Factories are briefly reviewed. $CP$ violation was established in 2001 in $B^0 \to J/\psi K_S$ and related modes, which has now become a precision measurement of CP violation in $B^0$-$\bar B^0$ mixing. However, the situation for the $B^0 \to \pi^+\pi^-$ and charmless $b\to s$ modes, which probe also CP violation in the {\it decay} amplitude, are not quite settled yet. They could be hinting at presence of both strong (CP conserving) and new physics (CP violating) phases. We critically assess the developments and discuss some related discrepancies and highlights, such as observation of direct CP violation, and make a projection towards the next few years.