Recent advances on the use of the information content of the pair density to understand bonding and reactivity of molecular systems are presented. Two quantities are described: (1) the information content of the like-spin exchange-correlation hole, χ_XC, and (2) the information content of the Coulomb hole, χ_C, of the like-spin and the unlike-spin cases. χ_XC is capable of describing the electron structure of molecules on the basis of chemical grounds with astonishing accuracy and provides a clear differentiation of the localization degree of electrons, belonging to different molecular basins. Furthermore, χ_XC is used as a tool to get insights in the electronic reorganization occurring along a reaction coordinate. In contrast to χ_XC, χ_C is observed to concentrate in regions between atomic shells, from which information of nonclassical weak interactions can be obtained. Some relevant problems, in which the application of χ_XC in conjunction with χ_C would be of great value, are presented.