Agent-based computing represents an exciting new synthesis both for Artificial Intelligence (AI) and, more genrally, Computer Science. It has the potential to significantly improve the theory and practice of modelling, designing and implementing complex systems. Yet, to date, there has been little systematic analysis of what makes an agent such an appealing and powerful conceptual model. Moreover, even less effort has been devoted to exploring the inherent disadvantages that stem from adopting an agent-oriented view. Here both sets of issues are explored. The standpoint of this analysis is the role of agent-based software in solving complex, real-world problems. In particular, it will be argued that the development of robust and scalable software systems requires autonomous agents that can complete their objectives while situated in a dynamic and uncertain environment, that can engage in rich, high-level social interactions, and that can operate within flexible organisational structures.