After many years of radical criticism of Freudian dream theory on the grounds of his and others' neurophysiological findings, Allan Hobson now proposes a new model of the dreaming brain that is remarkably consistent with Freud's. This revision was necessitated by recent neuroscientific findings. Hobson is to be commended for his openness to the new evidence, but he does not make sufficiently clear how closely his new model resembles Freud's. The main focus of my article is to make these parallels explicit, so as to clarify the remaining points of difference. Fortunately, it appears that these points can now be resolved experimentally.