Geometric invariant theory and flips
  We study the dependence of geometric invariant theory quotients on the choice of a linearization. We show that, in good cases, two such quotients are related by a flip in the sense of Mori, and explain the relationship with the minimal model programme. Moreover, we express the flip as the blow-up and blow-down of specific ideal sheaves, leading, under certain hypotheses, to a quite explicit description of the flip. We apply these ideas to various familiar moduli problems, recovering results of Kirwan, Boden-Hu, Bertram-Daskalopoulos- Wentworth, and the author. Along the way we display a chamber structure, following Duistermaat-Heckman, on the space of all linearizations. We also give a new, easy proof of the Bialynicki-Birula decomposition theorem. 
Michael Thaddeus