What is negative refraction? M.W. McCall, P. Kinsler, A. Favaro Blackett Laboratory, Imperial College London, Prince Consort Road, London SW7 2AZ, United Kingdom. D. Censor Electrical & Computer Engineering Department Ben-Gurion University of the Negev, Israel SPIE Proceedings 7392, 73921M (2009); ``Metamaterials: Fundamentals and Applications II'', eds. M.A. Noginov, N.I. Zheludev, A.D. Boardman, N. Engheta, http://spie.org/x648.html?product_id=827472 http://dx.doi.org/10.1117/12.827472 We will review the current status of various intrinsic definitions of negative refraction (i.e. negative phase velocity, or NPV, propagation which has been variously ascribed to counter-position of (i) the group velocity, (ii) the energy velocity, (iii) the Poynting Vector, with the wave vector of a plane wave in a medium. A key result is that simultaneously negative effective $\epsilon$ and $\mu$ can be achieved in a natural medium in motion. However, can this be said to result in observable phenomena?