Hyperbolic metamaterials were originally introduced to overcome the diffraction limit of optical imaging. Soon thereafter it was realized that hyperbolic metamaterials demonstrate a number of novel phenomena resulting from the broadband singular behavior of their density of photonic states. These novel phenomena and applications include super resolution imaging, new stealth technologies, enhanced quantum-electrodynamic effects, thermal hyperconductivity, superconductivity, and interesting gravitation theory analogs. Here I review typical material systems, which exhibit hyperbolic behavior and outline important new applications of hyperbolic metamaterials, such as imaging experiments with plasmonic hyperbolic metamaterials and novel VCSEL geometries, in which the Bragg mirrors may be engineered in such a way that they exhibit hyperbolic properties in the long wavelength infrared range, so that they may be used to efficiently remove excess heat from the laser cavity. I will also discuss potential applications of self-assembled photonic hypercrystals. This system bypasses 3D nanofabrication issues, which typically limit hyperbolic metamaterial applications. Photonic hypercrystals combine the most interesting features of hyperbolic metamaterials and photonic crystals.