Letters of a Bi-Rationalist IV: Geometry of log flips
  For a birational log Fano contraction, it is conjectured an inequality between the dimension of its exceptional locus and the minimal log discrepancy over the locus. The conjecture follows from the existence of the flip for the contraction and another conjecture about the maximum of minimal log discripancy in given dimension; in particular, it holds in small dimensions (up to 4), and some special cases. It is illustrated by some examples. 
V.V. Shokurov