The purpose of this paper is to establish that significant differences exist between mechanisms of latent image formation in conventional silver halide emulsions and in dry processed, photothermographic silver media. We develop our analysis in two ways: (1) through a review of salient literature; and (2) by highlighting areas of research that clearly delineate between conventional silver halide and photothermographic media, involving mathematical modeling, laser spectroscopy, and photocharge studies. We conclude that catalytic juxtaposition of a silver carboxylate phase with a silver halide phase leads to profound changes in the photophysics of the silver halide. Thus characteristically different latent-image-forming mechanisms prevail in thermally developed media, compared with conventional, negative-working silver halide photographic films, and transfer of technology from one to the other is not obvious.