Science with a Giant Segmented Mirror Telescope The past decade witnessed unprecedented investment (more than $1.5 B world-wide) in 6-10m class telescopes (Keck; VLT; Subaru; Gemini; Magellan). The value of this investment is manifest in the continuous stream of new discoveries from these facilities -- from the first statistical studies of large scale structure at z > 3 to analysis of debris disks surrounding nearby stars. While their enormous potential has yet to be realized fully, they have already pointed the way toward frontiers of sensitivity and angular resolution that must be crossed in order to confront fundamental problems. As a result, a number of groups have begun to explore design concepts for next generation telescopes ranging in size from 20m to 100m in diameter. I describe the scientific potential of such telescopes in areas as diverse as cosmology and large-scale structure; assembly of galaxies; formation of stars and planetary systems; and discovery and characterization of exo-planets. Of equal interest are the design challenges that must be met in order that these telescopes achieve exquisite image quality in the face of atmospheric turbulence and wind. I describe those challenges along with some of the solutions currently under consideration. Finally, I discuss the status of a number of extremely large telescope projects, and the prospects both for involving the community during the design phase of these projects and for providing broad, merit-based access during once ELTs begin operation.