Terrestrial planets are more likely to be detected if they orbit M dwarfs due to the favorable planet/star size and mass ratios. However, M dwarf habitable zones are significantly closer to the star than the one around our Sun, which leads to different requirements for planetary habitability and its detection. We review 1) the current limits to detection, 2) the role of M dwarf spectral energy distributions on atmospheric chemistry, 3) tidal effects, stressing that tidal locking is not synonymous with synchronous rotation, 4) the role of atmospheric mass loss and propose that some habitable worlds may be the volatile-rich, evaporated cores of giant planets, and 5) the role of planetary rotation and magnetic field generation, emphasizing that slow rotation does not preclude strong magnetic fields and their shielding of the surface from stellar activity. Finally we present preliminary findings of the NASA Astrobiology Institute's workshop "Revisiting the Habitable Zone." We assess the recently-announced planet Gl 581 g and find no obvious barriers to habitability. We conclude that no known phenomenon completely precludes the habitability of terrestrial planets orbiting cool stars.
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