The overwhelming importance of the penguin graph in B-Physics will be stressed. The asymmetric B-factories have provided a very valuable confirmation of the CKM paradigm of CP violation in that CP asymmetry in B ->psi Ks agrees with the predictions of the SM to an accuracy of O(15%). Important as this result is, it serves to emphasize the need for very clean and precise tests of the SM. The usefulness of the penguins for extracting the unitarity angles and precision search of beyond the SM phase(s) will be discussed with emphasis on model independent approaches. Relationship to previous works on hadronic modes such as phi Ks, eta' Ks, pi0 Ks as well as to radiative modes such as K* gamma and its generalizations will be pointed out. The importance of FSI will be stressed. Roles of direct CP as well as that of mixing-induced CP in unravelling the nature of Beyond the SM Physics will be emphasized.