In the first part of this paper we revisit the history of theoretical
predictions for HE luminosities in old Population II stellar clusters,
starting from the results of ''old'' evolutionary computations to int
roduce in various steps all the available ''new'' physics. We discuss
the influence of physical ingredients on selected evolutionary paramet
ers, finally presenting models which incorporate all the most recent u
pdating of the relevant physics. The evolutionary behavior of such mod
els is extensively investigated for selected choices about the cluster
metallicity, discussing theoretical predictions concerning both clust
er isochrones and the calibration of the parameter R in terms of the o
riginal amount of He in stellar matter. One finds that the ''new'' phy
sics has a relevant influence on both these parameters, moving cluster
ages into a much better agreement with current cosmological evaluatio
ns. This scenario is implemented by a further set of stellar models wh
ere element diffusion is taken into account. The comparison between th
eoretical scenarios with or without diffusion is presented and discuss
ed. A discussion of current observational constraints in the light of
the updated theory closes the paper.