Modern micro electronics thermal management is facing considerable challenges in the wake of miniaturizing of components leading to higher demands on net heat flux dissipation. This paper highlights the salient features of Pulsating Heat Pipes (PHPs), a novel research topic in the heat pipe science, having potential applications in thermal management of micro/power electronics. This apparently simple cooling device, is considerably intriguing for theoretical and experimental investigations alike. Fundamental operating principle, flow characteristics, design parameters and limitations are discussed in detail. The unresolved open questions which are subject to further investigations are also outlined.