Three-dimensional (3D) video is gaining a strong momentum both in the cinema and broadcasting industries as it is seen as a technology that will extensively enhance the user's visual experience. One of the major concerns for the wide adoption of such technology is the ability to provide sufficient visual quality, especially if 3D video is to be transmitted over a limited bandwidth for home viewing (i.e. 3DTV). Means to measure perceptual video quality in an accurate and practical way is therefore of highest importance for content providers, service providers, and display manufacturers. This paper discusses recent advances in video quality assessment and the challenges foreseen for 3D video. Both subjective and objective aspects are examined. An outline of ongoing efforts in standards-related bodies is also provided.