The Multiple-Input Multiple-Output (MIMO) radar concept is based on a set of widely separated transmit and receive radars having the ability to jointly process the received signals. For most applications, time synchronization among radars is a sufficient requirement. These are classified as non-coherent systems. High resolution target location estimation is based on phase synchronization among radars and is defined as coherent processing. The lower bound on target localization error was derived by use of the Cramér-Rao Lower Bound (CRLB) on target localization accuracy for coherent MIMO radar systems. The spatial advantage is found to be proportional to MN where M is the number of transmit radars and N is the number of receive radars. The coherence advantage is proportional to f_c/B where f_c is the signal carrier frequency and B is the bandwidth. In low SNR, the estimation capabilities are predominated by sidelobe ambiguity. Thinned and randomized nature of elements in the MIMO radar results in the ability to break the grating lobes and leads to the reduction of peak side lobe level proportional MN. In this seminar, we also discuss the possibility to trade-off bandwidth to the number of radar elements by the use of multi-carrier signals.