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Abstract: We report shell-model calculations for the even-even nuclei of seven isotopic chains in the rare-earth region, using the angular-momentum-projected particle-number-conserved BCS approximation. The calculations accurately reproduce the properties of low-lying states across the entire region. The analysis reproduces the slow evolution to deformed shapes that emerges in most isotopic chains and the much more rapid transition, akin to a Quantum Phase Transition (QPT), that occurs in others. While the opening up of high-spin orbitals near the subshell closure at Z=64 with increasing neutron number plays a key role in the QPTs, an equally important role is played by coupling of single-particle orbitals in the Z = 50 - 82, N = 82 - 126 shells to single-particle orbitals from the next respective major shells with strong quasi-SU(3) coupling. We also examine the role of pairing correlations, which are found to play a somewhat different role for energies and E2 transition rates. The importance of subshell closures is also seen in a first microscopic study of the N p N n scheme. Finally, we close with some future directions for continued exploration.