Physical metallurgy aspects of gaseous ferritic nitrocarburising are reviewed in the light of basic studies undertaken since 1975 which have illustrated inconsistencies between the iron-carbon-nitrogen ternary phase diagram at $570^{circ}C$ and the experimental observation of the co-existence of the ${varepsilon}$ carbonitride phase and ferrite. Thermodynamic investigations by Xu and Li together with those by Slycke et al are reviewed to illustrate compatability between a modified isothermal section of the Fe-C-N system and the formation and growth of a monophased ${varepsilon}$ structure under a variety of processing conditions. The implications of the modified diagram in terms of innovations in industrial ferritic nitrocarburising practice are discussed, together with limitations on the control of the process. The importance of the developing technology of black nitrocarburising for enhanced wear, fatigue, and corrosion resistance is emphasised. Basic studies and industrial status of austenitic nitrocarburising treatments are also reviewed, which highlight the importance of substrate strengthening for high load bearing applications of anti-scuff thermochemical treatments.