One dominant hypothesis about the function of the orbitofrontal cortex (OFC) is that the OFC signals the subjective values of possible outcomes to other brain areas for learning and decision making. This popular view generally neglects the fact that OFC is not necessary for simple value-based behavior (i.e., when values have been directly experienced). An alternative, emerging view suggests that OFC plays a more general role in representing structural information about the task or environment, derived from prior experience, and relevant to predicting behavioral outcomes, such as value. From this perspective, value signaling is simply one derivative of the core underlying function of OFC. New data in favor of both views have been accumulating rapidly. Here we review these new data in discussing the relative merits of these two ideas.