We critically review several recent approaches to solving the two cosmological constant problems. The "old" problem is the discrepancy between the observed value of $\Lambda$ and the large values suggested by particle physics models. The second problem is the "time coincidence" between the epoch of galaxy formation $t_G$ and the epoch of $\Lambda$-domination $t_\L$. It is conceivable that the "old" problem can be resolved by fundamental physics alone, but we argue that in order to explain the "time coincidence" we must account for anthropic selection effects. Our main focus here is on the discrete-$\Lambda$ models in which $\Lambda$ can change through nucleation of branes. We consider the cosmology of this type of models in the context of inflation and discuss the observational constraints on the model parameters. The issue of multiple brane nucleation raised by Feng {\it et. al.} is discussed in some detail. We also review continuous-$\L$ models in which the role of the cosmological constant is played by a slowly varying potential of a scalar field. We find that both continuous and discrete models can in principle solve both cosmological constant problems, although the required values of the parameters do not appear very natural. M-theory-motivated brane models, in which the brane tension is determined by the brane coupling to the four-form field, do not seem to be viable, except perhaps in a very tight corner of the parameter space. Finally, we point out that the time coincidence can also be explained in models where $\Lambda$ is fixed, but the primordial density contrast $Q=\delta\rho/\rho$ is treated as a random variable.