The study of the manganese oxides, widely known as manganites, that exhibit the ``Colossal'' Magnetoresistance (CMR) effect is among the main areas of research within the area of Strongly Correlated Electrons. After considerable theoretical effort in recent years, mainly guided by computational and mean-field studies of realistic models, considerable progress has been achieved in understanding the curious properties of these compounds. These recent studies suggest that the ground states of manganite models tend to be intrinsically inhomogeneous due to the presence of strong tendencies toward phase separation, typically involving ferromagnetic metallic and antiferromagnetic charge and orbital ordered insulating domains. Calculations of the resistivity versus temperature using mixed states lead to a good agreement with experiments. The mixed-phase tendencies have two origins: (i) electronic phase separation between phases with different densities that lead to nanometer scale coexisting clusters, and (ii) disorder-induced phase separation with percolative characteristics between equal-density phases, driven by disorder near first-order metal-insulator transitions. The coexisting clusters in the latter can be as large as a micrometer in size. It is argued that a large variety of experiments reviewed in detail here contain results compatible with the theoretical predictions. It is concluded that manganites reveal such a wide variety of interesting physical phenomena that their detailed study is quite important for progress in the field of Correlated Electrons.