Many species persist as a metapopulation under a balance between the local
extinction of subpopulations or demes and their recolonization through disp
ersal from occupied patches. Here we review the growing body of literature
dealing with the genetic consequences of such population turnover. We focus
our attention principally on theoretical studies of a classical metapopula
tion with a 'finite-island' model of population structure, rather than on '
continent-island' models or 'source-sink' models. In particular, we concern
ourselves with the subset of geographically subdivided population models i
n which it is assumed that all demes are liable to extinction from time to
time and that all demes receive immigrants. Early studies of the genetic ef
fects of population turnover focused on population differentiation, such as
measured by F-ST A key advantage of F-ST over absolute measures of diversi
ty is its relative independence of the mutation process, so that different
genes in the same species may be compared. Another advantage is that F-ST W
ill usually equilibrate more quickly following perturbations than will abso
lute levels of diversity. However, because F-ST is a ratio of between-popul
ation differentiation to total diversity, the genetic effects of metapopula
tion processes may be difficult to interpret in terms of F-ST-on its own, s
o that the analysis of absolute measures of diversity in addition is likely
to be informative. While population turnover may either increase or decrea
se F-ST, depending on the mode of colonization, recurrent extinction and re
colonization is expected always to reduce levels of both within-population
and species-wide diversity (pi (S) and pi (T), respectively). One corollary
of this is that pi (S) cannot be used as an unbiased estimate of the scale
d mutation rate, theta, as it can, with some assumptions about the migratio
n process, in species whose demes do not fluctuate in size. The reduction o
f pi (T) in response to population turnover reflects shortened mean coalesc
ent times, although the distribution of coalescence times under extinction-
colonization equilibrium is not yet known. Finally we review current unders
tanding of the effect of metapopulation dynamics on the effective populatio
n size.