Pulsar Wind Nebulae are highly intriguing astrophysical objects in many respects. They are the brightest and closest class of relativistic sources, and hence the ultimate laboratory for the physics of relativistic plasmas: here it is possible to study with unique detail several processes relevant for other classes of relativistic sources, like the acceleration and collimation of relativistic outflows, or the acceleration of particles at relativistic shocks.
I will review the properties of Pulsar Wind Nebulae and the current status of our theoretical understanding in light of the most recent 2D and 3D MHD modeling of these sources. I will discuss how these studies are taking us to the point when we can reliably use multi-wavelength observations of these nebulae as diagnostics of the hidden physics of the pulsar wind and of the mechanism(s) through which particles are accelerated at the highly relativistic shock that terminates the wind. I will then review the most recent surprises brought about by Very High
Energy Observations of Pulsar Wind Nebulae, including the discovery of TeV haloes and the detection of photons with energy close to 1 PeV. Finally I will discuss the role of these sources from the cosmic ray physics perspective.
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