In recent years, huge progress in experimental flavor physics and CP violation was achieved. It led to significant progress in our theoretical understanding. In particular, it was proven that the Kobayashi-Maskawa mechanism is the dominant source of the observed CP violation. Yet, two flavor puzzles remain open: First, if there is new physics at the TeV scale, why does it not generate significant deviations from the standard model predictions for flavor changing processes? Second, why is there smallness and hierarchy in the flavor parameters of the standard model? The ATLAS and CMS experiments are likely to solve the first puzzle, and may even provide clues about the second.