I first attempt a taxonomy of meditation in traditional Indian Buddhism. Based on the main psychological or somatic function at which the meditative effort is directed, the following classes can be distinguished: (1) emotion-centered meditation (coinciding with the traditional samatha approach); (2) consciousness-centered meditation (with two subclasses: consciousness reduction/elimination and ideation obliteration); (3) reflection-centered meditation (with two subtypes: morality-directed reflection and reality-directed observation, the latter corresponding to the vipassanā method); (4) visualization-centered meditation; and (5) physiology-centered meditation. In the second part of the essay I tackle the problem of the epistemic validity and happiness-engendering value of Buddhist meditation. In my highly conjectural view, the claim that meditation represents an infallible tool for realizing the (Supreme) Truth as well as a universally valid method for attaining the highest forms of happiness is largely based on the crēdō effect, that is, a placebolike process. I do not deny that meditation may have some positive effects on mental and physical health or that its practice may bring changes to the mind. Meditation may be a valuable alternative approach in life and clinical treatment, but it is far from being a must or a panacea.