ε^prime/ε: theoretical results and updated phenomenological analysis

We present the results for the Next-to-Leading Order effective hamiltonian for $\Delta S\!=\! 1$ decays, in presence of both QCD and QED corrections, and update the existing theoretical predictions for $\epsilon^\prime/\epsilon$. To appear on the Proceedings of the Third KEK Topical Conference on CP Violation, its Implications to Particle Physics and Cosmology, Tsukuba, 16-18 November 1993