Recent results and future challenges in the systematic analytical description of plasma turbulence are described. First, the importance of statistical realizability is stressed and the development and successes of the realizable Markovian closure are briefly reviewed. Next, submarginal turbulence (linearly stable but nonlinearly self-sustained fluctuations) is considered and the relevance of nonlinear instability in neutral-fluid shear flows to submarginal turbulence in magnetized plasmas is discussed. For the Hasegawa-Wakatani equations, a self-consistency loop that leads to steady-state vortex regeneration in the presence of dissipation is demonstrated and a partial unification of recent work of Drake (for plasmas) and of Waleffe (for neutral fluids) is given. Brief remarks are made on the difficulties facing a quantitatively accurate statistical description of submarginal turbulence. Finally, possible connections between intermittency, submarginal turbulence and self-organized criticality (SOC) are considered and outstanding questions are identified.