In this talk I revisit current issues in semi-analytic models by comparing the predictions by GalICS to the latest observations of the abundance ratios in elliptical galaxies, the color bimodality, the passive fraction in groups , as well as to the galaxy mass function and the specific star formation rate (sSFR) evolution over cosmic time. In particular, I explore a range of star formation prescriptions and (halo- versus stellar mass-) quenching models. "Standard" models predict an excess of red, passive and alpha-enhanced population (satellite) galaxies at masses ~ 10^10 Msun. Whilst both the halo- and the mass-quenching models broadly match the present-day mass functions, a disagreement with data becomes evident at high redshift, in terms of a lack of massive galaxies and an excess of lower mass objects. At lower masses the models predict an excess of (passive) galaxies, as well as a milder evolution at z<2 in the number density, at variance with observations and irrespective of the adopted quenching model. A better match is achieved by empirically forcing the model galaxies to obey to the observed sSFR evolution. This empirical solution brings the predicted passive-fraction and the colors in better agreement with data and shows that many of the current problems in semi-analytic models are rooted in the prescriptions for the gas accretion/cooling and the star formation. In the final part of the talk I will show preliminary results from analytical toy models aimed at explaining the cosmic run of the sSFR.