We investigate the potential for observing gravitational waves from cosmological phase transitions with LISA in light of recent theoretical and experimental developments. Our analysis is based on current state-of-the-art simulations of sound waves in the cosmic fluid after the phase transition completes. We discuss the various sources of gravitational radiation, the underlying parameters describing the phase transition and a variety of viable particle physics models in this context, clarifying common misconceptions that appear in the literature and identifying open questions requiring future study. We also present a web-based tool, PTPlot, that allows users to obtain up-to-date detection prospects for a given set of phase transition parameters at LISA.