This paper presents key new developments in the THES - QS World University Rankings in 2007, related to enhancements to the "Peer Review", "Data Collection" and "Statistical Aggregation" utilised in this ranking as well as discussing the decision to utilise Full-Time Equivalent (FTE) figures for personnel statistics. Indicator correlation is also discussed as well as the role/purpose of the rankings. The paper reflects a continuing effort to refine the measures used in the ranking, QS have recommended some subtle but significant changes to both the methodology and the data collection approach that have been embraced by THES and will have an impact on 2007 results and beyond in order to reach some measure of understanding the relative quality of different higher education institutions around the world. (Contains 1 table.)