Biological diversity abounds in potential study topics. Studies of model systems have their advantages, but reliance on a few well-understood cases may create false impressions of what biological phenomena are the norm. Here I focus on facultative sex, which is often hailed as offering the best of both worlds, in that rare sex offers benefits almost equal to obligate sex and avoids paying most of the demographic costs. How well do we understand when and why this form of sexual reproduction is expected to prevail? I show several gaps in the theoretical literature and, by contrasting asynchronous with synchronous sex, highlight the need to link sex theories to the theoretical underpinnings of bet hedging, on the one hand, and to mate limitation considerations, on the other. Condition-dependent sex and links between sex with dispersal or dormancy appear understudied. While simplifications are justifiable as a simple assumption structure enhances analytical tractability, much remains to be done to incorporate key features of real sex to the main theoretical edifice.