The essential features that make up Punctuated Equilibria are as follows:
- Paleontology should be informed by neontology.
- Most speciation is cladogenesis rather than anagenesis.
- Most speciation occurs via peripatric speciation.
- Large, widespread species usually change slowly, if at all, during their time of residence.
- Daughter species usually develop in a geographically limited region.
- Daughter species usually develop in a stratigraphically limited extent, which is small in relation to total residence time of the species.
- Sampling of the fossil record will reveal a pattern of most species in stasis, with abrupt appearance of newly derived species being a consequence of ecological succession and dispersion.
- Adaptive change in lineages occurs mostly during periods of speciation.
- Trends in adaptation occur mostly through the mechanism of species selection.
The theory of Punctuated Equilibria provides paleontologists with an explanation for the patterns which they find in the fossil record. This pattern includes the characteristically abrupt appearance of new species, the relative stability of morphology in widespread species, the distribution of transitional fossils when those are found, the apparent differences in morphology between ancestral and daughter species, and the pattern of extinction of species.
PE relies upon the insights of study of modern species for its principles. These studies indicate the importance of consideration of geography and interspecies interactions upon predictions of the distribution and abundance of transitional specimens. While
Eldredge and Gould acknowledge that geological processes contribute to the "gappiness" of the fossil record, they also assert that PE is by far the more important consideration in that regard.