The intense and fully coherent radiation pulses in the ultraviolet and soft x-ray range made available by FERMI, combined with the variable polarization and the different temporal correlation modes, open completely new and unexplored frontiers of research. The full potential of time-resolved experiments based on coherent diffraction imaging, elastic and inelastic scattering, photon and electron spectroscopy and transient grating spectroscopy will allow investigations of transient states and nonlinear materials response at the mesoscopic and nanometric scale and give access to dynamic phenomena, including ultrafast magnetization, excitation lifetimes, phase separation and nucleation, complex rearrangements of constituents in cells, and multi‐photon single and multiple ionization.