The goal of making attractive flat panel displays (FPDs) based on arrays of cold cathodes has now become a reality. Pixtech and Futaba have begun commercial production of low voltage, monochrome field emission displays (FEDs). Moreover, public response to the high voltage, full color, VGA FED prototypes shown by Candescent and Motorola at various technical meetings and exhibits has been extremely positive and encouraging. Yet, the future of the FED industry is uncertain. The tremendous improvements in visual quality and reduction in manufacturing cost of liquid crystal displays, as well as the formidable progress made in other FPD technologies has raised the standard for FEDs. In this article, we first review the status of FEDs based on the Spindt microtip emitter. We focus on the scalability of the Spindt process to large substrates, phosphor selection, high voltage stability, and display lifetime. Second, we discuss in detail the recent advances made in alternate cold cathode technology, including carbon nanotubes and composite materials, and their potential advantages for FPD. This new technology offers a tremendous opportunity to lower capital investment, to cut manufacturing costs and to challenge the existing flat panel industry.