This Review provides a thorough description of the experimental progress on the InN family and other relevant compounds. Although InN is of great interest, many of its properties are not well understood and are still puzzling researchers with a number of unexpected effects. These include a surprisingly small energy gap, sensitivity to applied pressure in terms of lattice stability, and poor miscibility with compounds with smaller lattice parameters, such as GaN and AlN. Special features of InN under pressure are highlighted, such as the effect of conduction band filling and the strong pressure dependence of the effective mass. Several negative and positive effects due to the presence of In have been observed. We highlight their implications for InN-based alloys and quantum structures, which are crucial materials in modern optoelectronics (light emitting diodes and laser diodes). These effects include In clustering, large piezoelectricity resulting in strong internal electric fields that reduce the optical gain in nitride heterostructures, and difficulties in growing high-In superlattices and other quantum structures. All of these effects pose challenges that need to be addressed. We show that theoretical explanations allow for the clarification of puzzling experimental observations. Discussed are (i) a reformulation of the rule describing the bandgap dependence on pressure in all III–V semiconductors; (ii) the very large bandgap curvatures in nitride alloys; and (iii) the discrepancies between theory and experiment in the optical emission from InN/GaN superlattices, leading to the conclusion that epitaxial growth of high In content InxGa1−xN (x > 0.3) quantum wells on GaN is not possible.