COPD is a disease with important public health implications given its often profound effects on functional capacity, quality of life and mortality. At this time there is a dearth of effective disease treatments for moderate to severe disease or effective secondary prevention strategies for early or occult disease. Further progress in these areas is hampered by the long latency period between smoking exposure and development of clinical disease, as well as by a relatively small proportion of smokers who develop symptomatic disease. Wide variation in disease expression patterns (airway disease, emphysema, extrapulmonary effects and patterns of exacerbations) may limit statistical power to detect successful results within these subsets in therapeutic trials.