What is neural synchrony good for? First, I will show that, whether synchrony has a functional role or not, neurons are extremely sensitive to coincidences among its inputs. To understand the functional significance of neural synchrony in the context of sensory processing, I introduce the concept of the “synchrony receptive field”, the set of sensory stimuli that trigger synchronous responses in a given group of neurons. Natural sensory signals are generally not static stimuli but rather dynamic sensory flows. Under some conditions, the synchrony receptive field corresponds to some invariant structure in the sensory flow, which constitutes a form of sensory knowledge. I will illustrate these concepts with data and models in binaural hearing.