Myosin V was the first discovered processive motor from the myosin family. It has therefore been subject of a number of mechanical, kinetic, optical and structural studies and now belongs to the best characterised motor proteins. This effort has been accompanied by a number of different theoretical models. In this article we give an overview of them and discuss what they have in common and where the open questions are. The latter include the existence of sub-steps, the process that limits the run length, the nature of backward steps, the flexibility of the lever arm and the state of the lead head.