In this viewpoint article we analyse recent crucial structural, optical and transport experiments on Fe(3)O(4) magnetite across the Verwey transition at T(V)∼120-125 K. We find that all the relevant experimental data are consistent with a model of a Peierls distortion in the cubic spinel lattice, and likewise, some of them evidence against the original and still distributed hypothesis of the long range charge ordering origin of the Verwey transition. An estimated Peierls transition temperature (T(P)) is comparable with T(V). The Peierls model provides new insight into the electronic properties of magnetite. Application of the Peierls model to some other systems is briefly discussed also.