The discovery of record - breaking values of superconducting transition temperature $T_c$ in quite a number of hydrides under high pressure was an impressive demonstration of capabilities of electron - phonon mechanism of Cooper pairing. This lead to an increased interest to foundations and limitations of Eliashberg - McMillan theory as the main theory describing superconductivity in a system of electrons and phonons. Below we shall consider both elementary basics of this theory and a number of new results derived only recently. We shall discuss limitations on the value of the coupling constant related to lattice instability and a phase transition to another phase (CDW, bipolarons). Within the stable metallic phase the effective pairing constant may acquire arbitrary values. We consider extensions beyond the traditional adiabatic approximation. It is shown that Eliasberg - McMillan theory is also applicable in the strong antiadiabatic limit. The limit of very strong coupling, being most relevant for the physics of hydrides, is analyzed in details. We also discuss the bounds for $T_c$ appearing in this limit.
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