The theory of intermittency in multiplicative cascades is reviewed, with special, but not
exclusive, emphasis on its applications to turbulence. It is noted that, in many physical
systems, this theory is incomplete, and two of its limitations are discussed in some
detail. It is first argued that large fluctuations will in most cases behave differently
from the lower-level background, since the overall mean introduces an intensity scale
that breaks self-similarity, and that they will, under the right conditions, evolve into
coherent structures decoupled from the rest of the system. The effect of non-local
interactions is then addressed. It is shown that the results depend on the nature of
the interaction, and that it is possible to generate non-local cascades which are less
intermittent, as intermittent, or even more intermittent, than local ones. It is finally
stressed that the multiplicative theory of cascades is a kinematic description, and that
its relation with the real dynamics is not straightforward.