The study of wall-bounded turbulent flows has received great attention over the past few years as a result of high Reynolds number experiments conducted in new high Reynolds number facilities such as the Princeton "superpipe", the NDF facility in Chicago and the HRNBLWT at the University of Melbourne. These experiments have brought into question the fundamental scaling laws of the turbulence and mean flow quantities as well as revealed high Reynolds number phenomena, which make extrapolation of low Reynolds number results highly questionable. In this talk these issues will be reviewed and new results from the HRNBLWT and atmospheric surface layer on the salt-flats of Utah will be presented documenting unique high Reynolds number phenomena. The implications for skin-friction drag reduction technologies and improved near-wall models for large-eddy simulation will be discussed.