Planet-finding surveys have revealed thousands of confirmed exoplanets and candidates awaiting verification. Many of these objects were discovered indirectly using the transit technique, which is a powerful tool that has transformed our understanding of planetary system architecture. Furthermore, this technique has provided extraordinary insights into some of these planets' atmospheric compositions and thermal structures, thus revealing unexpected discoveries and altering our perspective of these worlds. I will discuss the current state of the field as well as present the newest results in atmospheric characterization. Notwithstanding recent advances, there are still many outstanding issues and shortcomings in our perceived understanding. I will describe some of these fundamental issues and how the exoplanet community is working towards solving them. I will conclude by discussing pathways forward to identifying and characterizing potentially-habitable planets using future space-based telescopes.