The B physics factories BaBar and Belle are designed to obtain precision measurements of Standard Model parameters and search for new physics. It is crucial to be able to cleanly separate effects of non-perturbative QCD from the weak interactions or new physics being measured. Effective field theory approaches to factorization and power corrections in B hadron decays, especially the newly developed Soft-Collinear Effective Theory (SCET), are proving to be a useful new tool for these problems. Many interesting topics remain to be explored, including the lack of predictions for many important decay channels, as well as open theoretical issues such as the possibility of additional degrees of freedom, long distance c loops, and the size of perturbative and power corrections.

Long standing puzzles such as the polarization of J/y in hadron colliders and recently discovered problems in exclusive and inclusive J/y production at e⁺ e^- colliders await resolution. Improved understanding of factorization, resummation and power corrections is needed to resolve discrepancies between theory and experiment as well as provide a rigorous framework for nonperturbative effects seen in heavy particle production at lower energies.

In recent years we have witnessed the discovery of even-parity charm strange mesons, a new quarkonium state, and evidence for the existence of doubly charm baryons. The discovery of the exotic pentaquarks in low energy experiments has prompted searches for analogous states with heavy quarks. Experimental status, interpretation and applications of chiral effective theories for the properties of these states will be addressed.

Lattice calculations of nonperturbative matrix elements provide necessary input for many calculations of B hadron properties. Effective field theories are an indispensable tool for understanding errors due to quenching, unphysical masses and lattice artifacts. Part of the program will be devoted to the interface between lattice QCD and effective field theory.