Physical Review Letters receives about 11000 submissions per year,
and publishes about 4000. Roughly 65% of the papers originate outside
the U.S., as do well over half of the referee reports. This is
international peer-reviewed publication on a large scale, and the
system that has evolved to handle it is complex. I will explain how
it works using a few statistics and some interesting examples from
our actual correspondence. Only the names will be removed, to
protect the (not so) innocent. The examples will provide some
insight for authors who wish to publish a Letter and some guidance
for referees who are asked to review a Letter. It will also shed
light on the joys and sorrows of life as an Editor for a high-profile
physics journal. The talk will conclude with a brief discussion of
upcoming challenges and initiatives, including a preview of
activities for 2008, which will mark 50 years of publication of PRL.