The adaptation of the Kramers-Kronig dispersion relations to the causal localization structure of QFT led to an important project in particle physics, the only one with a successful closure. The same cannot be said about the subsequent attempts to formulate particle physics as a pure S-matrix project.The feasibility of a pure S-matrix approach are critically analyzed and their serious shortcomings are highlighted. Whereas the conceptual/mathematical demands of renormalized perturbation theory are modest and misunderstandings could easily be corrected, the correct understanding (...) about the origin of the crossing property requires the use of the mathematical theory of modular localization and its relation to the thermal KMS condition. These new concepts, which combine localization, vacuum polarization and thermal properties under the roof of modular theory, will be explained and their potential use in a new constructive (nonperturbative) approach to QFT will be indicated. The S-matrix still plays a predominant role but, different from Heisenberg’s and Mandelstam’s proposals, the new project is not a pure S-matrix approach. The S-matrix plays a new role as a “relative modular invariant”. (shrink)