The next generation of large sky surveys will return panchromatic images but not spectra. The photometric redshift estimates from these surveys are expected to be good enough for precision cosmology. However, naive use of these noisy distance estimates will lead to biases in measurements of most galaxy scaling relations, thus compromising the ability of such surveys to constrain models of how galaxies formed. I will discuss a number of methods - convolution, deconvolution, maximum likelihood and background subtraction - which eliminate such biases, thus enabling photo-z surveys to provide sharp constraints on galaxy formation models as well as cosmology.