Exploring the recent expansion history of the universe promises insights into the cosmological model, the nature of dark energy, and potentially clues to high energy physics theories and gravitation. We examine the extent to which precision distance-redshift observations can map out the history, including the acceleration-deceleration transition, and the components and equations of state of the energy density. We consider the ability to distinguish between various dynamical scalar field models for the dark energy, as well as higher dimension and alternate gravity theories. Finally, we present a new, advantageous parametrization for the study of dark energy.