Despite several decades of research into the renin-angiotensin system, new aspects of this endocrine system are elucidated every few years, expanding its role not only in hypertension but also in diabetes, oncology, and cardiology. In this review, we describe newly recognized physiologic actions of the angiotensin-converting enzyme (ACE). These include the role of local versus systemic ACE in maintaining blood pressure, the physiology of bradykinin accumulation during ACE inactivation, and the role of alternate "non-angiotensin" substrates and potential non-enzymatic properties of ACE.