A long-standing open conceptual problem has been the following: How does “information” interact with control of a system, in particular feedback control, and what is the value of “information” in achieving performance objectives for the system through the exercise of control? In answering this question we have to remember that in contrast to a variety of communication settings, the issue of time-delay is of primary importance for control problems, especially control of systems which are unstable. We discuss various issues arising from these fundamental questions.