Quantum computers are expected to substantially outperform classical computers for probing and simulating large entangled quantum systems. Such quantum algorithms have the potential to transform fields from materials science to quantum chemistry. However, while quantum hardware is rapidly developing, we remain solidly in the so called Noisy Intermediary Scale Quantum (NISQ) era in which the available devices are relatively small and prone to noise. This substantially limits what we can do with quantum hardware any time soon. Here we will discuss progress understanding the power and limitations of such near term devices.