The first edition of TFPL's CD-ROM Directory in 1986—a copy the contributing editor threw out only last year—listed fewer than 50 titles; the most recent edition, the eleventh (1994), includes 5,503. A significant majority of the publications on CD-ROM continue to be electronic editions of print publications, and most cost substantially more than their print equivalents, but it finally is becoming possible to envision a reference department which has a significant part of its information in computer-manipulable form. The cost of building a reference collection of all CD-ROM titles available would be a not so modest $1.5 million per year. For another $2 million a year one could add online access to almost all available online databases. Rather a compelling argument for those who believe the “virtual library” is not quite here yet.