This paper explores three methodological issues related to content analysis of online asynchronous discussions: unitizing, reliability, and manifest versus latent content. Unitizing involves balancing feasibility, reliability, identifiability, and discriminant capability of semantic versus syntactic units. Reliability is discussed in relation to differences between tasks, discussants, and number of coding decisions, as well as between coders. Manifest versus latent content contrasts observed versus intended behaviors in content analysis. For each of the three issues, the paper presents a brief theoretical overview. Each issue is subsequently contextualized and illustrated using empirical results. Finally, for each issue, the paper provides a discussion of lessons learned and implications. The paper concludes with suggestions for future studies.