A generic property of a first-order phase transition in equilibrium, and in the limit of large entropy per unit of conserved charge, is the smallness of the isentropic speed of sound in the ``mixed phase. A specific prediction is that this should lead to a non-isotropic momentum distribution of nucleons in the reaction plane (for energies around 40 AGeV in our model calculation). On the other hand, we show that from present effective theories for low-energy QCD one does not expect the thermal transition rate between various states of the effective potential to be much larger than the expansion rate, questioning the applicability of the idealized Maxwell/Gibbs construction. Experimental data could soon provide essential information on the dynamics of the phase transition.
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