Recent time has seen quite some progress in the development of exponential time algorithms for NP-hard problems, where the base of the exponential term is fairly small. These developments are also tightly related to the theory of fixed parameter tractability. In this incomplete survey, we explain some basic techniques in the design of efficient fixed parameter algorithms, discuss deficiencies of parameterized complexity theory, and try to point out some future research challenges. The focus of this paper is on the design of efficient algorithms and not on a structural theory of parameterized complexity. Moreover, our emphasis will be laid on two exemplifying issues: Vertex Cover and MaxSat problems.