Studies of molecular clouds and young stars near the sun have provided invaluable insights into the process of star formation. Indeed, much of our physical understanding of this topic has been derived from such studies. Perhaps the two most fundamental problems confronting star formation research today are: 1) determining the origin of stellar mass and 2) deciphering the nature of the physical processes that control the star formation rate in molecular gas. As I will briefly outline here, observations and studies of local star forming regions are making particularly significant contributions toward the solution of both these important problems.