Last year (2013) was more or less the 50th anniversary of the discovery of quasars. It is an interesting time to review what we know (and don't know) about them both empirically and theoretically. These compact sources involving line emitting plasma show extraordinary luminosities extending to one thousand times that of our Milky Way in emitting volumes of a few solar system diameters (log L_(bol) = 44.0 - 48.0 erg s~(-1): D=1-3 light months ～ 10~3 - 10~4 gravitational radii). The advent of 8-10 meter class telescopes enables us to study them spectroscopically in ever greater detail. In 2000 we introduced a 4D Eigenvector 1 parameters space involving optical, UV and X-ray measures designed to serve as a 4D equivalent of the 2D H-R diagram so important for depicting the diversity of stellar types and evolutionary states. This diagram has revealed a principal sequence of quasars distinguished by Eddington ratio (proportional to the accretion rate per unit mass). Thus while stellar differences are primarily driven by the mass of a star, quasar differences are apparently driven by the ratio of luminosity-to-mass. Out of this work has emerged the concept of two quasars populations A and B separated at Eddington ratio around 0.2 which maximizes quasar multispectral differences. The mysterious 8% of quasars that are radio-loud belong to population B which are the lowest accretors with the largest black hole masses. Finally we consider the most extreme population A quasars which are the highest accretors and in some cases are among the youngest quasars. We describe how these sources might be exploited as standard candles for cosmology.
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