diff --git a/README.txt b/README.txt
index 7e7205b9ab6..c8edb27acbf 100644
--- a/README.txt
+++ b/README.txt
@@ -1,19 +1,16 @@
 What it is
 ==========
 
-Statsmodels is a Python package that provides a complement to scipy for
-statistical computations including descriptive statistics and
-estimation of statistical models.
+Statsmodels is a Python package that provides a complement to scipy for statistical computations including descriptive statistics and estimation and inference for statistical models.
 
 Main Features
 =============
 
-* regression: Generalized least squares (including weighted least squares and
+* linear regression models: Generalized least squares (including weighted least squares and
   least squares with autoregressive errors), ordinary least squares.
 * glm: Generalized linear models with support for all of the one-parameter
   exponential family distributions.
-* discrete: regression with discrete dependent variables, including Logit, Probit,
-    MNLogit, Poisson, based on maximum likelihood estimators
+* discrete: regression with discrete dependent variables, including Logit, Probit, MNLogit, Poisson, based on maximum likelihood estimators
 * rlm: Robust linear models with support for several M-estimators.
 * tsa: models for time series analysis
   - univariate time series analysis: AR, ARIMA
@@ -26,12 +23,10 @@ Main Features
   - goodness-of-fit and normality tests
   - functions for multiple testing
   - various additional statistical tests
-
-* iolib: Tools for reading Stata .dta files into numpy arrays. (not yet ported to Python 3)
-* iolob: printing table output to ascii, latex, and html
-
+* iolib
+  - Tools for reading Stata .dta files into numpy arrays.
+  - printing table output to ascii, latex, and html
 * miscellaneous models
-
 * sandbox: statsmodels contains a sandbox folder with code in various stages of
   developement and testing which is not considered "production ready".
   This covers among others Mixed (repeated measures) Models, GARCH models, general method
@@ -42,34 +37,25 @@ Main Features
 Where to get it
 ===============
 
-Development branches will be on Github. This is where to go to get the most
-up to date code in the trunk branch. Experimental code is hosted here
-in branches and in developer forks. This code is merged to master often. We
-try to make sure that the master branch is always stable.
+The master branch on GitHub is the most up to date code
 
-https://www.github.com/statsmodels/statsmodels
+    https://www.github.com/statsmodels/statsmodels
 
-Source download of stable tags will be on SourceForge.
+Source download of release tags are available on GitHub
 
-https://sourceforge.net/projects/statsmodels/
+    https://github.com/statsmodels/statsmodels/tags
 
-or
+Binaries and source distributions are available from PyPi
 
-PyPi: http://pypi.python.org/pypi/statsmodels/
+    http://pypi.python.org/pypi/statsmodels/
 
 
 Installation from sources
 =========================
 
-In the top directory, just do::
-
-    python setup.py install
-
-See INSTALL.txt for requirements or
+See INSTALL.txt for requirements or see the documentation
 
-http://statsmodels.sourceforge.net/
-
-For more information.
+    http://statsmodels.sf.net/devel/install.html
 
 
 License
@@ -81,16 +67,9 @@ Simplified BSD
 Documentation
 =============
 
-The official documentation is hosted on SourceForge.
-
-http://statsmodels.sourceforge.net/
-
-The sphinx docs are currently undergoing a lot of work. They are not yet
-comprehensive, but should get you started.
+The official documentation is hosted on SourceForge
 
-Our blog will continue to be updated as we make progress on the code.
-
-http://scipystats.blogspot.com
+    http://statsmodels.sf.net/
 
 
 Windows Help
@@ -98,35 +77,23 @@ Windows Help
 The source distribution for Windows includes a htmlhelp file (statsmodels.chm).
 This can be opened from the python interpreter ::
 
->>> import statsmodels.api as sm
->>> sm.open_help()
+    >>> import statsmodels.api as sm
+    >>> sm.open_help()
 
 
 Discussion and Development
 ==========================
 
-All chatter will take place on the or scipy-user mailing list. We are very
-interested in receiving feedback about usability, suggestions for improvements,
-and bug reports via the mailing list or the bug tracker at
-
-https://github.com/statsmodels/statsmodels/issues
+Discussions take place on our mailing list. 
 
-There is also a google group at
+    http://groups.google.com/group/pystatsmodels
 
-http://groups.google.com/group/pystatsmodels
+We are very interested in feedback about usability and suggestions for improvements. 
 
-to discuss development and design issues that are deemed to be too specialized
-for the scipy-dev/user list.
 
+Bug Reports
+===========
 
-Python 3
-========
+Bug reports can be submitted to the issue tracker at
 
-statsmodels has been ported and tested for Python 3.2. Python 3
-version of the code can be obtained by running 2to3.py over the entire
-statsmodels source. The numerical core of statsmodels worked almost without
-changes, however there can be problems with data input and plotting.
-The STATA file reader and writer in iolib.foreign has not been ported yet.
-And there are still some problems with the matplotlib version for Python 3
-that was used in testing. Running the test suite with Python 3.2 shows some
-errors related to foreign and matplotlib.
+    https://github.com/statsmodels/statsmodels/issues