I review recent observational results on the fundamental properties of
the cosmic microwave-background radiation, with special emphasis on t
he findings of the COBE satellite. These include the present temperatu
re of the radiation, T0 = 2.726 +/- 0.010 K, and the first convincing
detection of angular variations in its intensity, at a level approxima
tely 10(-5) on scales greater-than-or-equal-to 10-degrees. Then I anal
yse the consequences of these observational results more generally for
cosmology and gravitational physics.