Rapid Application Development (RAD) has been proposed by some as the latest "silver bullet" to address the software crisis, while others have likened it to "old wine in new bottles', suggesting that it doesn't really provide anything new in terms of tools or techniques. Researchers have noted that while much has been written on the subject, there is a paucity of empirical research on the concept in practice. This paper discusses the rationale behind the emergence of RAD and the fundamental principles underpinning it. The findings of a preliminary study which investigated the RAD phenomenon in practice are presented. Briefly, the study findings focus on the profile of RAD usage, suitability criteria for using RAD on development projects, and how RAD is used to deliver its mission of faster development, within budget and without sacrificing system quality.