We present a brief review of the physical properties of Sr3Ru2O7, in which the approach to a magnetic-field-tuned quantum critical point is cut off by the formation of a novel phase with transport characteristics consistent with those of a nematic electronic liquid crystal. Our goal is to summarise the physics that led to that conclusion being drawn, describing the key experiments and discussing the theoretical approaches that have been adopted. Throughout the review we also attempt to highlight observations that are not yet understood, and to discuss the future challenges that will need to be addressed by both experiment and theory.