  We briefly review recent developments in black hole accretion disk theory,
emphasizing the vital role played by magnetohydrodynamic (MHD) stresses in
transporting angular momentum. The apparent universality of accretion-related
outflow phenomena is a strong indicator that large-scale MHD torques facilitate
vertical transport of angular momentum. This leads to an enhanced overall rate
of angular momentum transport and allows accretion of matter to proceed at an
interesting rate. Furthermore, we argue that when vertical transport is
important, the radial structure of the accretion disk is modified at small
radii and this affects the disk emission spectrum. We present a simple model
demonstrating how energetic, magnetically-driven outflows modify the emergent
disk emission spectrum with respect to that predicted by standard accretion
disk theory. A comparison of the predicted spectra against observations of
quasar spectral energy distributions suggests that mass accretion rates
inferred using the standard disk model may severely underestimate their true
values.
