The advent of fast arbitrary waveform generators in the sub-nanosecond time regime recently enabled new experimental developments in the field of pulsed EPR. In this article, the new possibilities of such fast phase/amplitude modulated microwave pulses are shortly described with respect to applications in pulsed dipolar spectroscopy. Some of the specific challenges of an accurate creation of such pulses in the field of EPR are outlined. Finally, a short outlook of potential applications is given and some specific experimental conditions are discussed, where shaped pulses might have an especially important impact in the future.