A number of time-resolved optical experiments probing and controlling the spin and chargedynamics of the high-mobility two-dimensional electron gas in a GaAs/AlGaAsheterojunction are discussed. These include time-resolved reflectivity, luminescence,transient grating, magneto-optical Kerr effect, and electro-optical Kerr effect experiments.The optical experiments provide information on the carrier lifetimes and spin dephasingtimes, as well as on the carrier diffusion coefficient which directly gives the chargemobility. A combination of the two types of Kerr experiment proves to be useful inextracting both the carrier lifetimes and spin dephasing times in a single experiment.