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In forests subject to stand-replacing disturbances, early successional stands can provide important habitats for a range of species not typically present in long-undisturbed areas. Compared to old-growth forests, the habitat values of – and key ecological processes in – early successional forests have been less studied, perhaps due to a perception that early successional forests revert to a homogenous “clean slate” following stand-replacing disturbances. In this paper, we draw on 36 years of long-term research in the Mountain Ash (Eucalyptus regnans) and Alpine Ash (Eucalyptus delegatensis) forests of south-eastern Australia, together with examples from elsewhere around the world, to show that not all kinds of early successional forests are created equal. We argue that the ecological values of early successional forests can be profoundly affected by six inter-related factors: (1) The evolutionary context and …