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We revisit the issue of the response of precipitation characteristics to global warming based on analyses of global and regional climate model projections for the 21st century. The prevailing response we identify can be summarized as follows: increase in the intensity of precipitation events and extremes, with the occurrence of events of "unprecedented" magnitude, i.e., a magnitude not found in the present-day climate; decrease in the number of light precipitation events and in wet spell lengths; and increase in the number of dry days and dry spell lengths. This response, which is mostly consistent across the models we analyzed, is tied to the difference between precipitation intensity responding to increases in local humidity conditions and circulations, especially for heavy and extreme events, and mean precipitation responding to slower increases in global evaporation. These changes in hydroclimatic characteristics have multiple and important impacts on the Earth's hydrologic cycle and on a variety of sectors. As examples we investigate effects on potential stress due to increases in dry and wet extremes, changes in precipitation interannual variability, and changes in the potential predictability of precipitation events. We also stress how the understanding of the hydroclimatic response to global warming can provide important insights into the fundamental behavior of precipitation processes, most noticeably tropical convection.