There has recently been a great deal of progress in the mapping or biholomorphic classication theory of domains with strongly pseudoconvex (s. ~. c.) boundaries in C"+l(n> 1). This is based on the combination of results of Chern-Moser [5] on the local differential geometry of real hypersurfaces in C" + 1, and C. Fefferman's marvelous extension theorem [6], which reduces the biholomorphic equivalence of s. ~k. c. domains to the CR equivalence of their boundaries. It is a simple consequence of this work that such domains have an infinite number of "moduli", i.e., there are smooth families of inequivalent such domains depending on arbitrarily many independent parameters (e.g., [3]). Given further restrictive assumptions on the local nature of the boundary, one expects to recover a finite-dimensional problem. In this paper, we make the most drastic assumption possible: we consider domains whose boundaries are everywhere locally CR equivalent to the unit sphere S 2n+l c[~n+l . Such hypersurfaces will be called spherical. The results are of two kinds. On the one hand, we classify the simply-connected spherical hypersurfaces M which are homogeneous under AutcR(M), the automorphism group of the CR structure on M. A consideration of compact space-forms associated to these homogeneous spaces shows the sphere and its quotients by roots of unity are the only compact, homogeneous spherical hypersurfaces. Together with a result of Webster, this completes the classification of compact homogeneous s.~O.c, hypersurfaces in [14]. On the other hand, it is not clear that any of the compact spherical hypersurfaces constructed in the course of the above bound domains in ~,+1, and we, at least, wondered whether S 2"+1 was the only example. In w we give a method for constructing large families of inequivalent such domains in ~"+ 1 Finally, we mention that some interesting global behavior of the chains of E. Cartan and Chern-Moser are observed in examples of w 6 and w 8. Rather more interesting and exotic behavior of chains has been found by Fefferman in [-7], in necessarily less symmetric boundaries than those considered here.