This review of the perimenopause documents its complexity as a hormonal and socio-cultural transition. Early FP FSH levels increase, and short luteal-phase cycles and anovulation become prevalent. However, mean estradiol or estrogen excretion levels are not low. The perimenopause is characterized by higher average (compared with premenopausal women) and erratic estrogen levels. For example, mean early FP estradiol levels (averaging 225 ± 98 pmol/liter) significantly exceeded those found in young fertile women. Estradiol levels preceding flow are also higher in perimenopausal than in premenopausal women. A hypothesis to explain the high estradiol levels, elevated FSH, and inconsistent ovulation postulates that lower inhibin levels (especially in the premenstrual portion of an anovulatory cycle) allow an increase in the early FP FSH level. This high FSH, in turn, stimulates a larger than normal number of ovarian follicles, and each stimulated follicle produces more estradiol. The resulting prolonged high or erratic estradiol levels, coupled with ovulation disturbances including anovulation, probably explain many of the morbidities associated with this phase in a woman's life: menorrhagia, breast tenderness, breast enlargement and fibrocystic breast problems, increased PMS, migraine headaches, increasing fibroid size, and risks for hysterectomy (± ovariectomy). This review proposes a new name for the signs and symptoms of high estrogen levels that some perimenopausal women experience: 'Perimenopausal Endogenous Ovarian Hyperstimulation Syndrome.' This name was chosen because, in hormone levels and pathogenesis, the perimenopausal state is similar to exogenous ovarian hyperstimulation therapy used for infertility treatment. Paradoxically, despite elevated estradiol levels, the perimenopause is associated with a significant rate of spinal BMD loss. Early studies suggest that this loss exceeds that during the early menopausal period. Although this relationship had previously been documented (173), combined data from 10 studies provide increasing statistical evidence that significant, almost 2% per year, spinal bone loss occurs in the year before and after the last flow. These data require a reevaluation of the concept equating low estrogen levels with bone loss. Detailed prospective studies are needed that include measurements of bone changes in parallel with assessments of estradiol, progesterone, ovulation, menstrual cycles, weight (fat and muscle) changes, diet (calcium and Vitamin D), bone resorption and formation markers, and both the hormonal and the experiential aspects of stress. The difficulty in defining the onset of the perimenopause will likely not be resolved until a longitudinal study of the perimenopausal transition is performed that includes women's prospectively recorded experiences in parallel with their hormonal, cycle interval, and ovulation characteristics. Although studies of menstrual cycle intervals, hormone levels, ovulation frequency, and women's symptoms and experiences have each been performed, no study combines all assessments. Such a study would need to extend over a long period of time to encompass a woman's last premenopausal years and to continue until 12 months have elapsed without flow. From data currently published, it is not evident that this lack of information is being rectified by the several important ongoing prospective studies [Melbourne Women's Midlife Health Study, the new National Institutes of Health-funded Study of Women Across the Nation (SWAN) (194)], or the osteoporosis studies in Kuopio, Finland, Hull, United Kingdom, or Malmo, Sweden). The currently conducted Canadian Multicentre Osteoporosis Study (CaMOS)(189,190), which has completed its recruitment of approximately 7,000 women ages 25 to over 80, in nine centres across Canada, has the potential to document the perimenopausal transition in a population-based sample of women. Serum samples have, so far, been obtained in only one center. However, CaMOS is now ready to begin a 3- yr interim data collection for women (and men) who were ages 40-60 at baseline. A 5.0-yr prospective assessment is planned for the entire cohort including about 3000 men. In addition to a detailed questionnaire (demographics, dietary, heredity, diet, reproductive history, quality of life) a Daily Perimenopause Diary has been developed and pilot tested (39). This instrument is similar to both the Menstrual Cycle Diary (195) (including flow characteristics, dysmenorrhea, and vaginal mucus) and to the Daily Menopause Diary (153) in documenting VMS by number and intensity occurring in both the night and day. Using data gathered with the Daily Perimenopause Diary, the CaMOS questionnaire, and bone assessments by DXA and ultrasound that are being documented, an improved understanding of the pathophysiology of perimenopausal bone loss is possible. The perimenopause, in summary, is a unique hormonal transition. It is demonstrably more complex than it was previously understood to be; it is clearly not a time of 'declining ovarian function' (11). Instead, dynamic perimenopausal ovaries produce erratic and high estradiol levels and rarely ovulate normally. These changes in hormonal levels manifest themselves in most aspects of a woman's health and may present as conditions involving almost every system of her body. Because the perimenopause is a time of high social and medical morbidity and is associated with significant costs for the health care system, it is important that research be conducted in impeccably designed prospective observational studies.