Black holes in general relativity

What is going on (as of August 2008) at the interface between theoretical general relativity, string-inspired models, and observational astrophysics? Quite a lot. In this mini-survey I will make a personal choice and focus on four specific questions: Do black holes “exist”? (For selected values of the word “exist”.) Is black hole formation and evaporation unitary? Can one mimic a black hole to arbitrary accuracy? Can one detect the presence of a horizon using local physics?