Precision Determination of |Vub|

The last two years have seen an impressive improvement in the determination of |Vub|, especially from inclusive decays. The error on |Vub| measured with inclusive decays was reduced from 18% (PDG 2004) to 8% (PDG 2006). This progress is a result of combined experimental and theoretical efforts. In this talk, the theoretical framework (BLNP) that enabled such progress is reviewed, as well as other approaches to an inclusive determination of |Vub| (DGE, MX− q2 etc.). The prospects of improving |Vub| are discussed, addressing issues of weak annihilation, implications of leptonic B decays, and determination of |Vub| with exclusive decays.