Recent studies by the present authors have empirically and analytically explored the properties and scaling behaviours of the Reynolds averaged momentum equation as applied to wall-bounded flows. The results from these efforts have yielded new perspectives regarding mean flow structure and dynamics, and thus provide a context for describing flow physics. A physical model of the turbulent boundary layer is constructed such that it is consonant with the dynamical structure of the mean momentum balance, while embracing independent experimental results relating, for example, to the statistical properties of the vorticity field and the coherent motions known to exist. For comparison, the prevalent, well-established, physical model of the boundary layer is briefly reviewed. The differences and similarities between the present and the established models are clarified and their implications discussed.