Processing visually degraded stimuli is a common experience. We struggle to find house keys on dim front porches, to decipher slides projected in overly bright seminar rooms, and to read 10th-generation photocopies. In this research, we focus specifically on stimuli that are degraded via reduction of stimulus contrast and address two questions. First, why is it difficult to process low-contrast, as compared with high-contrast, stimuli? Second, is the effect of contrast fundamental in that its effect is independent of the stimulus being processed and the reason for processing the stimulus? We formally address and answer these questions within the context of a series of nested theories, each providing a successively stronger definition of what it means for contrast to affect perception and memory. To evaluate the theories, we carried out six experiments. Experiments 1 and 2 involved simple stimuli (randomly generated forms and digit strings), whereas Experiments 3-6 involved naturalistic pictures (faces, houses, and cityscapes). The stimuli were presented at two contrast levels and at varying exposure durations. The data from all the experiments allow the conclusion that some function of stimulus contrast combines multiplicatively with stimulus duration at a stage prior to that at which the nature of the stimulus and the reason for processing it are determined, and it is the result of this multiplicative combination that determines eventual memory performance. We describe a stronger version of this theory--the sensory response, information acquisition theory--which has at its core, the strong Bloch's-law-like assumption of a fundamental visual system response that is proportional to the product of stimulus contrast and stimulus duration. This theory was, as it has been in the past, highly successful in accounting for memory for simple stimuli shown at short (i.e., shorter than an eye fixation) durations. However, it was less successful in accounting for data from short-duration naturalistic pictures and was entirely unsuccessful in accounting for data from naturalistic pictures shown at longer durations. We discuss (1) processing differences between short- and long-duration stimuli, (2) processing differences between simple stimuli, such as digits, and complex stimuli, such as pictures, (3) processing differences between biluminant stimuli (such as line drawings with only two luminance levels) and multiluminant stimuli (such as grayscale pictures with multiple luminance levels), and (4) Bloch's law and a proposed generalization of the concept of metamers.