Recent papers have described the first application of high-throughput sequencing (HTS) technologies to the characterization of transcriptomes. These studies emphasize the tremendous power of this new technology, in terms of both profiling coverage and quantitative accuracy. Initial discoveries include the detection of substantial new transcript complexity, the elucidation of binding maps and regulatory properties of RNA-binding proteins, and new insights into the links between different steps in pre-mRNA processing. We review these findings, focusing on results from profiling mammalian transcriptomes. The strengths and limitations of HTS relative to microarray profiling are discussed. We also consider how future advances in HTS technology are likely to transform our understanding of integrated cellular networks operating at the RNA level.