The multicopper oxidases are an intriguing, widespread family of enzymes that catalyze the reduction of O2 to water by a variety of single-electron and multiple-electron reducing agents. The structure and properties of the copper binding sites responsible for the latter chemical transformations have been studied for over 40 years and a detailed picture is emerging. This review focuses particularly on the kinetics of internal electron transfer between the type 1 (blue) copper site and the trinuclear center, as well as on the nature of the intermediates formed in the oxygen reduction process.