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We review the phenomenology of the rare decay \bar B -> X_s l+ l-. We presentthe results of a detailed phenomenological analysis and discuss the role of thedecay in the search for new physics at present and future colliders. Moreover,we extensively elaborate on the size of electromagnetic logarithmsln(m_b^2/m_l^2) in view of experimental cuts. We point out the differences inthe analyses of BaBar and Belle and give suggestions on how to treat collinearphotons in the experimental analyses. These recommendations correspondprecisely to theoretical prescriptions and can be combined with measurementsperformed at a Super-B factory.

The Role of Collinear Photons in the Rare Decay anti-B --> X(s) l+ l-