In this brief mini-review I address the current controversy surrounding the nature of the last common ancestor of all life on Earth. The pros and cons of the various positions have been hotly debated of late with no sign of the tumult subsiding. As such, I could not possibly do justice to all the varied and opposing views, nor even cite them. Let me just say at the outset that my own views on the subject at hand have been greatly influenced by the writings of T. Cavalier-Smith, W.F. Doolittle, P. Gogarten, R. Gupta, H. Hartman, O. Kandler, E. Koonin, J. Lake, W. Martin, M. Sogin, and C. Woese, inter alia. I hope they will forgive me if my depiction of events does not do full justice to their contributions.