Transmission electron microscopy (TEM) is potentially one of the most useful techniques in the study of micro-structured fluid systems. It is the one technique that provides high resolution direct images, thus the interpretation of the data is not model-dependent. But at the same time electron microscopy is probably the most abused experimental technique, and as such, a rather problematic one. People have taken liberties with the technique as with no other. In a critical review of the field, the inherent limitations on TEM of liquid systems are described, together with the technical solutions that have been developed to overcome them. Sample results of recent data that illustrate the potential of the techniques, as well as novel technical extensions of the basic technique are described. Also, artifacts, the result of improper specimen preparation, are demonstrated.