Switchable holograms exhibit an electrically controllable diffraction efficiency. Such devices form the building blocks for several applications under active consideration, including optical image and information displays. Several demanding requirements are placed on switchable holograms for these applications, such as high diffraction efficiency, wide on/off dynamic range, low optical scatter, low switching voltage and power consumption, high speed, uniformity and repeatability, low cost, and manufacturability. We describe the challenges and progress in meeting these goals in a single-step photopolymer/liquid crystal composite system. We also discuss the multiple uses of this material and potential applications.