The preparation, or generation of coherent states, squeezed states, and photon number states is discussed. The quantum noise is evaluated for various simultaneous measurements of two quadrature components: heterodyning, the beam splitter followed by two single quadrature measurements, the parametric amplifier, the (degenerate and/or nondegenerate) four-wave mixer, the Brillouin and Raman amplifiers, and the laser amplifier. A quantum nondemolition measurement followed by a measurement of the conjugate variable is also categorized as a simultaneous measurement. It is shown that, for all of these schemes, the minimum uncertainty product of the measured variables is exactly equal to that required for a simultaneous measurement of two noncommuting variables. On the other hand, measurements of a single quadrature component are noise-free. Such measurements are degenerate heterodyning, degenerate parametric amplification, and cavity degenerate four-wave mixing and photon counting by a photomultiplier or avalanche photodiode. The Heisenberg uncertainty principle and the quantum-mechanical channel capacity of Shannon are discussed to address the question How much information can be transmitted by a single photon? The quantum-mechanical channel capacity provides an upper bound on the achievable information capacity and is ideally realized by photon number states and photon counting detection. Its value is $\frac{\ensuremath{\hbar}\ensuremath{\omega}}{(\mathrm{ln}2)kT}$ bit per photon. The use of coherent or squeezed states and a simultaneous measurement of two quadrature field components or the measurement of one single quadrature field component does not achieve the ultimate limit.