The last few years have proven that high field magnetic resonance imaging (MRI) is superior in nearly every way to conventional equipment up to 1.5 tesla (T). Following the global success of 3T-scanners in research institutes and medical practices, a new generation of MRI devices with field strengths of 7T and higher is now on the horizon. The introduction of ultra high fields has brought MRI technology closer to the physical limitations and increasingly greater costs are required to achieve this goal. This article provides a critical overview of the advantages and problems of functional neuroimaging using ultra high field strengths. This review is principally limited to T2*-based functional imaging techniques not dependent on contrast agents. The main issues include the significance of high field technology with respect to SNR, CNR, resolution, and sequences, as well as artifacts, noise exposure, and SAR. Of great relevance is the discussion of parallel imaging, which will presumably determine the further development of high and ultra high field strengths. Finally, the importance of high field strengths for functional neuroimaging is explained by selected publications.