The presence of interchain species in the photophysics of conjugated polymer films has been the subject of a great deal of controversy. In this paper, we present strong evidence that interchain species do form in conjugated polymer films, and that the degree of interchain interactions can be controlled by varying the solvent and polymer concentration of the solution from which the films are cast. Thus, much of the controversy in the literature can be resolved by noting that the polymer samples in different studies had different side groups or were prepared in different ways and thus have different degrees of interchain interaction. The photoluminescence (PL) of poly(2-methoxy-5-(2＇-ethylhexyloxy)-1,4-phenylene vinylene), MEH-PPV, changes both its spectral shape and quantum yield when the films are prepared from different solutions or when the morphology is varied by annealing. Increasing the amount of interchain interactions enhances the red portion of the film＇s FL, a result assigned to a combination of changes in the vibronic structure of the PL of the exciton and increased numbers of weakly emissive interchain species. Photoluminescence excitation spectroscopy shows that excitation to the red edge of the absorption band preferentially enhances the red emission, suggesting that the interchain species are aggregates with a distinct ground state absorption. Scanning force microscopy shows topographic features that correlate with the degree of interchain interactions, verifying that the morphology of conjugated polymer films changes with polymer concentration, choice of solvent, and spin-casting speed. Even at low excitation intensities, photooxidative damage occurs quickly in MEH-PPV films excited in air, and the rate at which damage occurs is sensitive to the packing of the polymer chains. For samples under vacuum at low excitation intensity, a long-lived emissive tail, in combination with excited-state absorption dynamics that do not match those of the emissive species, provide direct evidence for the production of interchain aggregates. Annealing an MEH-PPV film produces a photophysical signature similar to photooxidation, implying that defects in conjugated polymer films are intrinsic and depend on the details of how the chains are packed. At higher excitation intensities, we find that exciton-exciton annihilation occurs, and that the probability for annihilation can vary by an order of magnitude depending on the degree of interchain contact in the film. Finally, we show that changing the film morphology has a direct effect on the performance of MEH-PPV-based light-emitting diodes. Higher degrees of interchain interaction enhance the mobility of carriers at the expense of lower quantum efficiencies for electroluminescence Taken together, the results reconcile much of the contradictory literature and provide a prescription for the optimization of conjugated polymer films for particular device applications.