The Langmuir-Blodgett (LB) technique, through which monolayers are transferred from the air/water interface onto a solid substrate, was the first method to allow for the controlled assembly of organic molecules. With its almost 100 year history, it has been the inspiration for most methods to functionalize surfaces and produce nanocoatings, in addition to serving to explore concepts in molecular electronics and nanoarchitectonics. This paper provides an overview of the history of Langmuir monolayers and LB films, including the potential use in devices and a discussion on why LB films are seldom considered for practical applications today. Emphasis is then given to two areas where these films offer unique opportunities, namely, in mimicking cell membrane models and exploiting nanoarchitectonics concepts to produce sensors, investigate molecular recognitions, and assemble molecular machines. The most promising topics for the short- and long-term prospects of the LB technique are also highlighted.