Spin dependent tunneling has enormously activated the field of magnetism in general, and in particular spin transport studies, in the past ten years. Thousands of articles related to the subject have appeared with many fundamental results. Importantly, there is great interest in their potential for application. There was another surge of activity in this field since the past five years - created by the theoretical prediction of a large tunnel magnetoresistance that arises due to band symmetry matched coherent tunneling in epitaxial magnetic tunnel junctions with (001) MgO barrier and experimentally well demonstrated. This further development in the field has boosted the excitement in both fundamental science as well as the possibility of application in such as magnetic random access memory, ultra sensitive read heads, biosensors and spin torque diodes. This review is a brief coverage of the field highlighting the literature that deals with magnetic tunnel junctions having epitaxial MgO tunnel barriers.