I will present experiments on spin-transfer induced magnetization reversal and excitations in magnetic metallic nanopillars. For these studies, sub-micron lateral dimension (∼50nm) pillar devices have been fabricated by means of a new nano-stencil mask process ideal for systematic variation of layer composition and thickness . My talk will address three aspects of the physics of spin-transfer: (A) The phase-diagram for magnetic switching in bilayer (Co/Cu/Co) nanopillars in large magnetic fields applied perpendicular to the plane of the layers ; (B) Current-induced excitations in single Cobalt ferromagnetic layer (Cu/Co/Cu) nanopillars (i.e., in structures without a fixed spin-polarizing magnetic reference layer) ; and (C) the dependence of the switching current on free magnetic layer thicknesses in bilayer structures. In latter case, the thickness of a Cobalt layer has been systematically varied from 0.5 to 4 nm. However, the slope of the switching current, dIc/dH, is found to have only a weak dependence on this thickness at low temperature (4.2 K), in contrast to the linear thickness dependence expected in the original model of spin-transfer [4|. I will discuss interpretations of this behavior, including the possible importance of spin-pumping induced magnetic damping in these ultra-thin free magnetic layers.