The American Psychiatric Association is considering listing the 'Psychosis Risk Syndrome' as a diagnosis in its own right in the DSM-5. This decision recognises the paradigm shift in clinical psychiatry to a model of early intervention. However, this decision has aroused much discussion. The controversy which has arisen around this proposal reflects the difficulties in implementing the early intervention paradigm. Here we review the different opinions which have been expressed regarding this issue and consider whether this is the appropriate time to include 'Psychosis Risk Syndrome' as an independently listed psychiatric diagnosis.