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The factorization formalism of nonrelativistic QCD (NRQCD) provides a rigorous theoretical framework for the description of heavy-quarkonium production and decay, and predicts the existence of color-octet processes in nature. This involves NRQCD long-distance matrix elements, being nonperturbative input parameters, which are predicted to be universal. The verification of NRQCD factorization by comparison of its predictions with the world data of heavy-quarkonium yield and polarization has turned out to be a long and winding road. The state of the art of this endeavor is reviewed and an outlook is presented.