Liposomes and ISCOMs have a long history as vehicles for antigen delivery. Liposomes can carry both membrane associated antigens as well as water soluble molecules. Their physical properties are highly variable, depending on composition and manufacturing method. This allows optimised design for specific tasks (targeting, co-incorporation of adjuvants, etc.). ISCOMs already have a build-in adjuvant, Quillaja saponin, which is a structural part of the vehicle. In recent years, considerable progress has been achieved with respect to the use of better defined saponin. Clinical trials with ISCOMs are in progress and registered liposomal vaccines exist. Here, follows a brief overview on recent developments with emphasis on pharmaceutical aspects.