The promise of transition voltage spectroscopy (TVS) is that molecular level positions can be determined in molecular devices without applying extreme voltages. Here, we consider the physics behind TVS in more detail. Remarkably, we find that the Simmons model employed thus far is inconsistent with experimental data. However, a coherent molecular transport model does justify TVS as a spectroscopic tool. Moreover, TVS may become a critical test to distinguish molecular junctions from vacuum tunnel junctions.