It is probably way too soon in the life of www.jptaphonomy.com to post a blog that a) is written by someone else, and b) is already viral around the paleo-blogsphere. Alas, I'm jumping on the bandwagon.
For those not familiar with the setting of the following post, let me bring you up to speed. The Dinosaur Mailing List (DML) is a forum for not just academics who conduct research in dinosaur (and other vertebrate) paleontology, but non-academic paleontology "fanatics" as well. The forum does a great job of allowing people to come together, post questions, and discuss answers. 
Recently, Robert Takata posted the question "What should everyone know about paleontology?". While I am sure anyone in the field could respond with something accurate and valid, Dr. Thomas Holtz Jr. posted a response that is arguably one of the best conceived and thorough answers to such an open question. Given the way the answer is spelled out, that this post has gone somewhat viral, especially in paleontological circles, is not surprising.
Without further ado, here is what everyone should know about paleontology.
“What Should Everyone Know About Paleontology?”
Thomas R. Holtz, Jr.
The title question was recently asked by Roberto Takata on the Dinosaur Mailing List. 
I think that is a good question. What really are the most important  elements of paleontology that the general public should understand? I  took a shot at coming up with a list of key concepts here and here,  based on experiences with teaching paleontology and historical geology  and with less-formally structured outreach to the public. I have offered  this list (cross posted at the Superoceras and Archosaur Musing blogs)  as a way for it to reach a wider audience. That this is Darwin Week  makes it even more appropriate, as we should use this occasion to  encourage a better understanding of the changes of Earth and Life  through Time for the public at large.
Much as I might like to think otherwise, the specific details of the hindlimb function of Tyrannosaurus rex  or the pneumatic features of brachiosaurid vertebrae really are not the  most important elements of the field. Understanding and appreciating  the nitty gritty details of the phylogeny and anatomy of any particular  branch of the Tree of Life are not really necessary for everyone to  know, any more than we would regard detailed knowledge of bacterial  biochemistry or the partitioning of minerals in a magma chamber to be  significant general knowledge. (Indeed, these latter two items are  actually far more critical for human society than any specific aspect of  paleontology, and so from a certain point of view really more important  for people to know than the History of Life.)
That said, all human societies and many individuals have wondered about  where we have come from and how the world came to be the way it is. This  is, in my opinion, the greatest contribution of paleontology: it gives  us the Story of Earth and Life, and especially our own story.
I have divided this list into two sections. The first is a list of  general topics of paleontology, touching on the main elements of geology  that someone would need to know for fossils to make any sense. The  second is the more specific list of key points in the history of life.
(NOTE: as the idea of this list is that it should be aimed at the  general public, I have tried to avoid technical terminology where  possible.)
General
•That rocks are produced by various factors (erosion -> sedimentation; metamorphism; volcanic activity; etc.)
•That rocks did not form at a single moment in time, but instead have  been and continue to be generated throughout the history of the planet.
•That fossils are remains of organisms or traces of their behavior recorded in those rocks.
•That rocks (and the organisms that made the fossils) can be thousands, millions, or even billions of years old.
•That the species discovered as fossils, and the communities of  organisms at each place and time, are different from the same in the  modern world and from each other.
•That despite these differences that there is continuity between life in  the past and life in the present: this continuity is a record of the  evolution of life.
•That we can use fossils, in conjunction with anatomical, molecular, and  developmental data of living forms, to reconstruct the evolutionary  pattern of life through time.
•That fossils are incomplete remains of once-living things, and that in  order to reconstruct how the organisms that produced them actually  lived, we can: 
◦Document their anatomy (both gross external and with the use of CT  scanning internal), and compare them to the anatomy of living creatures  in order to estimate their function;
◦Examine their chemical composition, which can reveal aspects of their biochemistry;
◦Examine their microstructure to estimate patterns of growth;
◦Model their biomechanical functions using computers and other engineering techniques;
◦Investigate their footprints, burrows, and other traces to reveal the  motion and other actions of the species while they were alive;
◦And collect information of the various species that lived together in order to reconstruct past communities.
•However, with all that, fossils are necessarily incomplete, and there  will always be information about past life which we might very much want  to know, but which has been forever lost. Accepting this is very  important when working with paleontology.
•That environments of the past were different from the present.
•That there have been episodes of time when major fractions of the  living world were extinguished in a very short period of time: such data  could not be known without the fossil record.
•That entire branches of the tree of life have perished (sometimes in these mass extinction events, sometimes more gradually).
•That certain modes of life (reef formers, fast-swimming marine  predators, large-bodied terrestrial browsers, etc.) have been occupied  by very different groups of organisms at different periods of Earth  History.
•That every living species, and every living individual, has a common  ancestor with all other species and individuals at some point in the  History of Life.
Specific
Honestly, despite the fact the specific issues about specific parts of  the Tree of Life are the ones that paleontologists, the news media, the  average citizen, etc., are more concerned with, they really are much  less significant for the general public to know than the points above.  Sadly, documentary companies and the like keep on forgetting that, and  keep on forgetting that a lot of the public does not know the above  points.
Really, in the big picture, the distinction between dinosaurs,  pterosaurs, and crurotarsans are trivialities compared to a basic  understanding that the fossil record is our document of Life’s history  and Earth’s changes.
Summarizing the key points of the history of life over nearly 4 billion  years of evolutionary history is a big task. After all, there is a  tendency to focus on the spectacular and sensationalized rather than the  ordinary and humdrum. As Stephen Jay Gould and others often remarked,  from a purely objective external standpoint we have always lived in the  Age of Bacteria, and the changing panoply of animals and plants during  the last half-billion years have only been superficial changes.
But the question wasn’t “what should a dispassionate outsider regard as  the modal aspect of the History of Life?”; it was “What should everyone  know about paleontology?” Since we are terrestrial mammals of the latest  Cenozoic, we have a natural interest in events on the land and during  the most recent parts of Earth History. That is a fair bias: it does  focus on who WE are and where WE come from.
That said, here is a list of key concepts in the history of life. Other  researchers might pick other moments, and not include some that I have  here. Still, I believe most such lists would have many of the same key  points within them.
•Life first developed in the seas, and for nearly all of its history was confined there.
•For most of Life’s history, organisms were single-celled only. (And today, most of the diversity remains single-celled).
•The evolution of photosynthesis was a critical event in the history of  Earth and Life; living things were able to affect the planet and its  chemistry on a global scale.
•Multicellular life evolved independently several times.
•Early animals were all marine forms.
•The major groups of animals diverged from each other before they had the ability to make complex hard parts.
•About 540 million years ago, the ability to make hard parts became  possible across a wide swath of the animal tree of life, and a much  better fossil record happened.
•Plants colonized land in a series of stages and adaptations. This  transformed the surface of the land, and allowed for animals of various  groups to follow afterwards.
•For the first 100 million years or so of skeletonized animals, our own  group (the vertebrates) were relatively rare and primarily suspension  feeders. The evolution of jaws allowed our group to greatly diversify,  and from that point onward vertebrates of some form or other have  remained apex predators in most marine environments.
•Complex forests of plants (mostly related to small swampland plants of  today’s world) covered wide regions of the lowlands of the  Carboniferous.
•Burial of this vegetation before it could decay led to the formation of  much of the coal that powered the Industrial Revolution and continues  to power the modern world.
•While most of the coal swamp plants required a moist ground surface on  which to propagate, one branch evolved a method of reproduction using a  seed. This adaptation allowed them to colonize the interiors, and seed  plants have long since become the dominant form of land plant.
•In the coal swamps, one group of arthropods (the insects) evolved the  ability to fly. From this point onward insects were to be among the most  common and diverse land animals.
•Early terrestrial vertebrates were often competent at moving around on  land as adults, but typically had to go back to the water in order to  reproduce. In the coal swamps one branch of these animals evolved a  specialized egg that allowed them to reproduce on land, and thus avoid  this “tadpole” stage.
•These new terrestrial vertebrates—the amniotes—diversified into many  forms. Some included the ancestors of modern mammals; others the  ancestors of today’s reptiles (including birds).
•A tremendous extinction event, the largest in the age of animals,  devastated the world about 252 million years ago. Caused by the effects  and side-effects of tremendous volcanoes, it radically altered the  composition of both marine and terrestrial communities.
•In the time after this Permo-Triassic extinction, reptiles (and  especially a branch that includes the ancestors of crocodilians and  dinosaurs) diversified and became ecologically dominant in most medium-  to large-sized niches.
•During the Triassic many of the distinctive lineages of the modern  terrestrial world (including turtles, mammals, crocodile-like forms,  lizard-like forms, etc.) appeared. Other groups that would be very  important in the Mesozoic but would later disappear (such as pterosaurs  and (in the seas) ichthyosaurs and plesiosaurs) evolved at this time.
•Dinosaurs were initially a minor component of these Triassic  communities. Only the tall, long-necked sauropodomorphs were  ecologically diverse during this time among the various dinosaur  branches. However, a mass extinction event at the end of the Triassic  (essentially the Permo-Triassic extinction in miniature) allowed for the  dinosaurs to diversify as their competitors had vanished.
•During the Jurassic, dinosaurs diversified. Some grew to tremendous  size; some evolved spectacular armor; some become the largest  carnivorous land animals the world had seen by this point. Among smaller  carnivorous dinosaurs, an insulating covering of feathers had evolved  to cover the body (possibly from a more ancient form shared by all  dinosaurs). Among the feathered dinosaurs were the ancestors of the  birds.
•Other terrestrial groups such as pterosaurs, crocodile-ancestors, mammals, and insects continued to diversify into new habits.
•During the Jurassic and (especially) the Cretaceous, a major  transformation of marine life occurred. Green-algae phytoplankton were  displaced by red-algae phytoplankton (which continue to dominate modern  marine ecosystems). A wide variety of new predators—advanced sharks and  rays, teleost fish, predatory snails, crustaceans with powerful claws,  specialized echinoids, etc.—appeared, and the sessile surface-dwelling  suspension feeders that dominated the shallow marine communities since  the Ordovician became far rarer. Instead, more mobile, swimming, or  burrowing forms became more common.
•During the Cretaceous one group of land-plants evolved flowers and  fruit and thus tied their reproduction very closely with animals.  Although not immediately ecologically dominant, this type of plants  would eventually come to be the major land plant group.
•The impact of a giant asteroid—coupled with other major on-going  environmental changes—brought an end to the Mesozoic. Most large-bodied  groups on land and sea, and many smaller bodied forms, disappeared. The  only surviving dinosaurs were toothless birds.
•The beginning of the Cenozoic saw the establishment of mammals as the  dominant group of large-bodied terrestrial vertebrates. Early on mammals  colonized both the sea and the air as well.
•During its beginning the Cenozoic world was warm and wet, much like the  Cretaceous. However, a number of changes of the position of the  continents and the rise of mountain ranges caused the climates to cool  and dry.
•As the world cooled and dried, great grasslands developed (first in South America, and later nearly all other continents).
•Various groups of animals adapted to the new grassland conditions.  Herbivorous mammals became swift runners with deep-crowned teeth, often  living in herds for protection. Mammalian predators became swifter as  well, some becoming pack hunters.
•Other new plant communities evolved, and new animal communities which  inhabited them. The rise of modern meadows (dominated by daisy-related  plants and grasses) saw the diversification of mouse-and-rat type  rodents, many frogs and toads, advanced snakes, songbirds, etc.
•A group of arboreal mammals with very big brains, complex social  communities, and gripping hands—the primates—produced many forms. In  Africa one branch of these evolved to live at mixed forest-grassland  margins, and from this branch evolved some who became fully upright and  moved out into the grasslands.
•This group of primates retained and advanced the ability to use stone  tools that its forest-dwelling ancestors already had. Many branches  evolved, and some developed even larger brains and more complex tools.  It is from among these that the ancestors of modern humans and other  close relatives evolved, and eventually spread out from Africa to other  regions of the planet.
•About 2.6 million years ago a number of factors led to ice age  conditions, where glaciers advanced and retreated. Various groups of  animals evolved adaptations for these new cold climates.
•The early humans managed to colonize much of the planet; shortly after  their arrival into new worlds, nearly all the large-bodied native  species disappeared.
•At some point before the common ancestor of all modern humans spread  across the planet, the ability to have very complex symbolic language  evolved. This led to many, many technological and cultural  diversifications which changed much faster than the biology of the  humans themselves.
•In western Asia and northern Africa (and eventually in other regions),  modern humans developed techniques to grow food under controlled  circumstances, leading to true agriculture. (Other cultures are known to  have independently evolved proto-agricultural techniques).
•This Neolithic revolution allowed for the development of more settled  communities, specialization of individual skills within a community  (including soldiers, metallurgists, potters, priests, rulers, and with  the rise of writing, scribes).
•From this point we begin to get a written record, and so the historians can take up the story…
This list is obviously not comprehensive, and there are many elements  that I had to ignore to keep it relatively short. Still, I hope this  overview helps put where we as a species fit into the larger perspective  of Life’s long voyage, a voyage that could only have been traced by the  study of fossils.

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