With the upcoming release of the fifth edition of the Diagnostic and Statistical Manual of Mental Disorders (DSM-V) there has been a necessary critique of the DSM-IV including questions regarding how to best improve the next iteration of the DSM classification system. The aim of this article is to provide commentary on the probable direction the DSM-V is headed with regard to panic attacks, panic disorder (PD), and agoraphobia (AG). The DSM-V Work Group’s recommendations for panic attacks, PD, and AG are reviewed, and important diagnostic questions and concerns are raised. Future research directions are discussed that will hopefully help improve our understanding of anxiety and our ability to accurately diagnose and classify these conditions.