The ability to record large neural populations—hundreds to thousands of cells simultaneously—is a defining feature of modern systems neuroscience. Aside from improved experimental efficiency, what do these technologies fundamentally buy us? I'll argue that they provide an exciting opportunity to move beyond studying the "average" neural response. That is, by providing dense neural circuit measurements in individual subjects and moments in time, these recordings enable us to track changes across repeated behavioral trials and across experimental subjects. These two forms of variability are still poorly understood, despite their obvious importance to understanding the fidelity and flexibility of neural computations. Scientific progress on these points has been impeded by the fact that individual neurons are very noisy and unreliable. My group is investigating a number of customized statistical models to overcome this challenge. I will mention several of these models but focus particularly on a new framework for quantifying across-subject similarity in stochastic trial-by-trial neural responses. By applying this method to noisy representations in deep artificial networks and in mouse visual cortex, we reveal that the geometry of neural noise correlations is a meaningful feature of variation, which is neglected by current methods (e.g. representational similarity analysis).