The present understanding of how dipolar forces affect the structure and phase behaviour of classical fluids is reviewed. We focus mainly on the apparent absence of a liquid-vapour phase transition for strongly polar spherical particles, and discuss how the same can be recovered. By concentrating on theoretical and simulation studies of simple models, the roles and interplay of dipolar and Van der Waals interactions and molecular shape can be clearly discerned. Connection is made with experimental work on ferrofluids. Finally, we discuss the theoretical and computational challenges that lie ahead.