Recent experimental breakthroughs in manipulating ultracold magnetic atoms and dipolar molecules have opened the door to exploring exotic quantum states of matter characterized by long-range interactions. These advancements, however, pose critical challenges. The first is a fundamental inquiry into how long-range interactions alter the behavior of well-established models previously understood through short-range interactions. The second is a technical challenge concerning the fidelity with which these models can be replicated in experimental setups. In this talk, I will discuss recent findings that address both issues. I will demonstrate how dipolar interactions can significantly enhance the complexity and richness of many-body phases and their thermodynamic properties, illustrated by examples such as interacting quasicrystals and super-Tonks-Girardeau states. In these systems, the magnitude of dipolar interactions can either amplify or diminish localization and stability, even giving rise to new phases. Additionally, I will present a detailed strategy for implementing dipolar quantum simulators in one and two dimensions, highlighting the inevitable discrepancies that emerge in high-filling, high-interaction regimes due to the long-range nature of dipolar forces. These discrepancies lead to notable deviations in the accurate prediction of ground-state properties, shedding light on the complex interplay between long-range interactions and quantum simulation.