Our understanding of proteolysis of ECM and cell surface molecules has expanded dramatically. We now know that the most significant proteolytic events are confined to the pericellular environment. With the discovery of new proteinases with new functions come new avenues for exploration in areas of development and disease. The synergy between adhesion, ECM, and proteolysis has been advanced by discovery of the intimate relationships between proteinases and signal transduction, particularly as effectors of epithelial–stromal interactions. Understanding the mechanisms by which pericellular proteinases are regulated and activated, the nature of their molecular targets, and how adhesion and proteolysis are integrated will provide exciting avenues for investigation over the next few years.