The Role of Collinear Photons in the Rare Decay $\bar{B} \to X_{s} \ell^{+} \ell^{-}$

We review the phenomenology of the rare decay \bar B -> X_s l+ l-. We present the results of a detailed phenomenological analysis and discuss the role of the decay in the search for new physics at present and future colliders. Moreover, we extensively elaborate on the size of electromagnetic logarithms ln(m_b^2/m_l^2) in view of experimental cuts. We point out the differences in the analyses of BaBar and Belle and give suggestions on how to treat collinear photons in the experimental analyses. These recommendations correspond precisely to theoretical prescriptions and can be combined with measurements performed at a Super-B factory.