diff --git a/compiler/packages/babel-plugin-react-compiler/src/Babel/BabelPlugin.ts b/compiler/packages/babel-plugin-react-compiler/src/Babel/BabelPlugin.ts
index aa49bda22b27e..28704086f6f3e 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/Babel/BabelPlugin.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/Babel/BabelPlugin.ts
@@ -11,6 +11,7 @@ import {
   injectReanimatedFlag,
   pipelineUsesReanimatedPlugin,
 } from '../Entrypoint/Reanimated';
+import validateNoUntransformedReferences from '../Entrypoint/ValidateNoUntransformedReferences';
 
 const ENABLE_REACT_COMPILER_TIMINGS =
   process.env['ENABLE_REACT_COMPILER_TIMINGS'] === '1';
@@ -67,6 +68,7 @@ export default function BabelPluginReactCompiler(
             comments: pass.file.ast.comments ?? [],
             code: pass.file.code,
           });
+          validateNoUntransformedReferences(prog, opts.environment);
           if (ENABLE_REACT_COMPILER_TIMINGS === true) {
             performance.mark(`${filename}:end`, {
               detail: 'BabelPlugin:Program:end',
diff --git a/compiler/packages/babel-plugin-react-compiler/src/Entrypoint/Program.ts b/compiler/packages/babel-plugin-react-compiler/src/Entrypoint/Program.ts
index 174103ce8ca49..0f673a093246a 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/Entrypoint/Program.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/Entrypoint/Program.ts
@@ -419,7 +419,10 @@ export function compileProgram(
       }
     }
     // If non-memoization features are enabled, retry regardless of error kind
-    if (compileResult.kind === 'error' && environment.enableFire) {
+    if (
+      compileResult.kind === 'error' &&
+      (environment.enableFire || environment.inferEffectDependencies != null)
+    ) {
       try {
         compileResult = {
           kind: 'compile',
@@ -435,6 +438,7 @@ export function compileProgram(
           ),
         };
       } catch (err) {
+        // TODO: maybe stash the error for later reporting in ValidateNoUntransformedReferences
         compileResult = {kind: 'error', error: err};
       }
     }
diff --git a/compiler/packages/babel-plugin-react-compiler/src/Entrypoint/ValidateNoUntransformedReferences.ts b/compiler/packages/babel-plugin-react-compiler/src/Entrypoint/ValidateNoUntransformedReferences.ts
new file mode 100644
index 0000000000000..ae86a13cfa4e3
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/Entrypoint/ValidateNoUntransformedReferences.ts
@@ -0,0 +1,188 @@
+import {NodePath} from '@babel/core';
+import * as t from '@babel/types';
+
+import {CompilerError, EnvironmentConfig} from '..';
+import {getOrInsertWith} from '../Utils/utils';
+import {Environment} from '../HIR';
+
+export default function validateNoUntransformedReferences(
+  path: NodePath<t.Program>,
+  env: EnvironmentConfig,
+): void {
+  const moduleLoadChecks = new Map<
+    string,
+    Map<string, CheckInvalidReferenceFn>
+  >();
+  if (env.enableFire) {
+    /**
+     * Error on any untransformed references to `fire` (e.g. including non-call
+     * expressions)
+     */
+    for (const module of Environment.knownReactModules) {
+      const react = getOrInsertWith(moduleLoadChecks, module, () => new Map());
+      react.set('fire', assertNone);
+    }
+  }
+  if (env.inferEffectDependencies) {
+    /**
+     * Only error on untransformed references of the form `useMyEffect(...)` or
+     * `moduleNamespace.useMyEffect(...)`, with matching argument counts.
+     * TODO: add mode to also hard error on non-call references
+     */
+    for (const {
+      function: {source, importSpecifierName},
+      numRequiredArgs,
+    } of env.inferEffectDependencies) {
+      const module = getOrInsertWith(moduleLoadChecks, source, () => new Map());
+      module.set(
+        importSpecifierName,
+        assertNoAutoDepCalls.bind(null, numRequiredArgs),
+      );
+    }
+  }
+  if (moduleLoadChecks.size > 0) {
+    transformProgram(path, moduleLoadChecks);
+  }
+}
+
+type TraversalState = {
+  shouldInvalidateScopes: boolean;
+  program: NodePath<t.Program>;
+};
+type CheckInvalidReferenceFn = (paths: Array<NodePath<t.Node>>) => void;
+function validateImportSpecifier(
+  specifier: NodePath<t.ImportSpecifier>,
+  importSpecifierChecks: Map<string, CheckInvalidReferenceFn>,
+  state: TraversalState,
+): void {
+  const imported = specifier.get('imported');
+  const specifierName: string =
+    imported.node.type === 'Identifier'
+      ? imported.node.name
+      : imported.node.value;
+  const checkFn = importSpecifierChecks.get(specifierName);
+  if (checkFn == null) {
+    return;
+  }
+  if (state.shouldInvalidateScopes) {
+    state.shouldInvalidateScopes = false;
+    state.program.scope.crawl();
+  }
+
+  const local = specifier.get('local');
+  const binding = local.scope.getBinding(local.node.name);
+  CompilerError.invariant(binding != null, {
+    reason: 'Expected binding to be found for import specifier',
+    loc: local.node.loc ?? null,
+  });
+  checkFn(binding.referencePaths);
+}
+
+function validateNamespacedImport(
+  specifier: NodePath<t.ImportNamespaceSpecifier | t.ImportDefaultSpecifier>,
+  importSpecifierChecks: Map<string, CheckInvalidReferenceFn>,
+  state: TraversalState,
+): void {
+  if (state.shouldInvalidateScopes) {
+    state.shouldInvalidateScopes = false;
+    state.program.scope.crawl();
+  }
+  const local = specifier.get('local');
+  const binding = local.scope.getBinding(local.node.name);
+
+  CompilerError.invariant(binding != null, {
+    reason: 'Expected binding to be found for import specifier',
+    loc: local.node.loc ?? null,
+  });
+  const filteredReferences = new Map<
+    CheckInvalidReferenceFn,
+    Array<NodePath<t.Node>>
+  >();
+  for (const reference of binding.referencePaths) {
+    const parent = reference.parentPath;
+    if (
+      parent != null &&
+      parent.isMemberExpression() &&
+      parent.get('object') === reference
+    ) {
+      if (parent.node.computed || parent.node.property.type !== 'Identifier') {
+        continue;
+      }
+      const checkFn = importSpecifierChecks.get(parent.node.property.name);
+      if (checkFn != null) {
+        getOrInsertWith(filteredReferences, checkFn, () => []).push(parent);
+      }
+    }
+  }
+
+  for (const [checkFn, references] of filteredReferences) {
+    checkFn(references);
+  }
+}
+function transformProgram(
+  path: NodePath<t.Program>,
+  moduleLoadChecks: Map<string, Map<string, CheckInvalidReferenceFn>>,
+): void {
+  const traversalState = {shouldInvalidateScopes: true, program: path};
+  path.traverse({
+    ImportDeclaration(path: NodePath<t.ImportDeclaration>) {
+      const importSpecifierChecks = moduleLoadChecks.get(
+        path.node.source.value,
+      );
+      if (importSpecifierChecks == null) {
+        return;
+      }
+      const specifiers = path.get('specifiers');
+      for (const specifier of specifiers) {
+        if (specifier.isImportSpecifier()) {
+          validateImportSpecifier(
+            specifier,
+            importSpecifierChecks,
+            traversalState,
+          );
+        } else {
+          validateNamespacedImport(
+            specifier as NodePath<
+              t.ImportNamespaceSpecifier | t.ImportDefaultSpecifier
+            >,
+            importSpecifierChecks,
+            traversalState,
+          );
+        }
+      }
+    },
+  });
+}
+
+function assertNoAutoDepCalls(
+  numArgs: number,
+  paths: Array<NodePath<t.Node>>,
+): void {
+  for (const path of paths) {
+    const parent = path.parentPath;
+    if (parent != null && parent.isCallExpression()) {
+      const args = parent.get('arguments');
+      if (args.length === numArgs) {
+        /**
+         * Note that we cannot easily check the type of the first argument here,
+         * as it may have already been transformed by the compiler (and not
+         * memoized).
+         */
+        CompilerError.throwTodo({
+          reason:
+            'Untransformed reference to experimental compiler-only feature',
+          loc: parent.node.loc ?? null,
+        });
+      }
+    }
+  }
+}
+
+function assertNone(paths: Array<NodePath<t.Node>>): void {
+  if (paths.length > 0) {
+    CompilerError.throwTodo({
+      reason: 'Untransformed reference to experimental compiler-only feature',
+      loc: paths[0].node.loc ?? null,
+    });
+  }
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/HIR/Environment.ts b/compiler/packages/babel-plugin-react-compiler/src/HIR/Environment.ts
index 83138c596eaca..8ca57321d864e 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/HIR/Environment.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/HIR/Environment.ts
@@ -1121,6 +1121,7 @@ export class Environment {
       moduleName.toLowerCase() === 'react-dom'
     );
   }
+  static knownReactModules: ReadonlyArray<string> = ['react', 'react-dom'];
 
   getPropertyType(
     receiver: Type,
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.callsite-in-non-react-fn.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.callsite-in-non-react-fn.expect.md
new file mode 100644
index 0000000000000..cdf73a8f23c09
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.callsite-in-non-react-fn.expect.md
@@ -0,0 +1,26 @@
+
+## Input
+
+```javascript
+// @inferEffectDependencies @compilationMode(infer) @panicThreshold(none)
+import {useEffect} from 'react';
+
+function nonReactFn(arg) {
+  useEffect(() => [1, 2, arg]);
+}
+
+```
+
+
+## Error
+
+```
+  3 |
+  4 | function nonReactFn(arg) {
+> 5 |   useEffect(() => [1, 2, arg]);
+    |   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Todo: Untransformed reference to experimental compiler-only feature (5:5)
+  6 | }
+  7 |
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.callsite-in-non-react-fn.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.callsite-in-non-react-fn.js
new file mode 100644
index 0000000000000..813c3b6c3dccb
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.callsite-in-non-react-fn.js
@@ -0,0 +1,6 @@
+// @inferEffectDependencies @compilationMode(infer) @panicThreshold(none)
+import {useEffect} from 'react';
+
+function nonReactFn(arg) {
+  useEffect(() => [1, 2, arg]);
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.non-inlined-effect-fn.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.non-inlined-effect-fn.expect.md
new file mode 100644
index 0000000000000..53d8f65eef9d0
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.non-inlined-effect-fn.expect.md
@@ -0,0 +1,41 @@
+
+## Input
+
+```javascript
+// @inferEffectDependencies @panicThreshold(none)
+import {useEffect} from 'react';
+
+/**
+ * Error on non-inlined effect functions:
+ * 1. From the effect hook callee's perspective, it only makes sense
+ *    to either
+ *    (a) never hard error (i.e. failing to infer deps is acceptable) or
+ *    (b) always hard error,
+ *    regardless of whether the callback function is an inline fn.
+ * 2. (Technical detail) it's harder to support detecting cases in which
+ *    function (pre-Forget transform) was inline but becomes memoized
+ */
+function Component({foo}) {
+  function f() {
+    console.log(foo);
+  }
+
+  // No inferred dep array, the argument is not a lambda
+  useEffect(f);
+}
+
+```
+
+
+## Error
+
+```
+  18 |
+  19 |   // No inferred dep array, the argument is not a lambda
+> 20 |   useEffect(f);
+     |   ^^^^^^^^^^^^ Todo: Untransformed reference to experimental compiler-only feature (20:20)
+  21 | }
+  22 |
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.non-inlined-effect-fn.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.non-inlined-effect-fn.js
new file mode 100644
index 0000000000000..a011e3bf144e1
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.non-inlined-effect-fn.js
@@ -0,0 +1,21 @@
+// @inferEffectDependencies @panicThreshold(none)
+import {useEffect} from 'react';
+
+/**
+ * Error on non-inlined effect functions:
+ * 1. From the effect hook callee's perspective, it only makes sense
+ *    to either
+ *    (a) never hard error (i.e. failing to infer deps is acceptable) or
+ *    (b) always hard error,
+ *    regardless of whether the callback function is an inline fn.
+ * 2. (Technical detail) it's harder to support detecting cases in which
+ *    function (pre-Forget transform) was inline but becomes memoized
+ */
+function Component({foo}) {
+  function f() {
+    console.log(foo);
+  }
+
+  // No inferred dep array, the argument is not a lambda
+  useEffect(f);
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-import-default-property-useEffect.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-import-default-property-useEffect.expect.md
new file mode 100644
index 0000000000000..ba0707ce2477a
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-import-default-property-useEffect.expect.md
@@ -0,0 +1,27 @@
+
+## Input
+
+```javascript
+// @inferEffectDependencies @panicThreshold(none)
+import React from 'react';
+
+function NonReactiveDepInEffect() {
+  const obj = makeObject_Primitives();
+  React.useEffect(() => print(obj));
+}
+
+```
+
+
+## Error
+
+```
+  4 | function NonReactiveDepInEffect() {
+  5 |   const obj = makeObject_Primitives();
+> 6 |   React.useEffect(() => print(obj));
+    |   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Todo: Untransformed reference to experimental compiler-only feature (6:6)
+  7 | }
+  8 |
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/todo.import-default-property-useEffect.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-import-default-property-useEffect.js
similarity index 73%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/todo.import-default-property-useEffect.js
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-import-default-property-useEffect.js
index 0dbae754ecf76..237535fe5b4e2 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/todo.import-default-property-useEffect.js
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-import-default-property-useEffect.js
@@ -1,4 +1,4 @@
-// @inferEffectDependencies
+// @inferEffectDependencies @panicThreshold(none)
 import React from 'react';
 
 function NonReactiveDepInEffect() {
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-syntax.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-syntax.expect.md
new file mode 100644
index 0000000000000..52986da1172c9
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-syntax.expect.md
@@ -0,0 +1,51 @@
+
+## Input
+
+```javascript
+// @inferEffectDependencies @panicThreshold(none)
+import {useSpecialEffect} from 'shared-runtime';
+
+/**
+ * Note that a react compiler-based transform still has limitations on JS syntax.
+ * We should surface these as actionable lint / build errors to devs.
+ */
+function Component({prop1}) {
+  'use memo';
+  useSpecialEffect(() => {
+    try {
+      console.log(prop1);
+    } finally {
+      console.log('exiting');
+    }
+  }, [prop1]);
+  return <div>{prop1}</div>;
+}
+
+```
+
+
+## Error
+
+```
+   8 | function Component({prop1}) {
+   9 |   'use memo';
+> 10 |   useSpecialEffect(() => {
+     |   ^^^^^^^^^^^^^^^^^^^^^^^^
+> 11 |     try {
+     | ^^^^^^^^^
+> 12 |       console.log(prop1);
+     | ^^^^^^^^^
+> 13 |     } finally {
+     | ^^^^^^^^^
+> 14 |       console.log('exiting');
+     | ^^^^^^^^^
+> 15 |     }
+     | ^^^^^^^^^
+> 16 |   }, [prop1]);
+     | ^^^^^^^^^^^^^^ Todo: Untransformed reference to experimental compiler-only feature (10:16)
+  17 |   return <div>{prop1}</div>;
+  18 | }
+  19 |
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-syntax.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-syntax.js
new file mode 100644
index 0000000000000..d3c83c25620f8
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.todo-syntax.js
@@ -0,0 +1,18 @@
+// @inferEffectDependencies @panicThreshold(none)
+import {useSpecialEffect} from 'shared-runtime';
+
+/**
+ * Note that a react compiler-based transform still has limitations on JS syntax.
+ * We should surface these as actionable lint / build errors to devs.
+ */
+function Component({prop1}) {
+  'use memo';
+  useSpecialEffect(() => {
+    try {
+      console.log(prop1);
+    } finally {
+      console.log('exiting');
+    }
+  }, [prop1]);
+  return <div>{prop1}</div>;
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.use-no-memo.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.use-no-memo.expect.md
new file mode 100644
index 0000000000000..6c124ef5c7d56
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.use-no-memo.expect.md
@@ -0,0 +1,27 @@
+
+## Input
+
+```javascript
+// @inferEffectDependencies @panicThreshold(none)
+import {useEffect} from 'react';
+
+function Component({propVal}) {
+  'use no memo';
+  useEffect(() => [propVal]);
+}
+
+```
+
+
+## Error
+
+```
+  4 | function Component({propVal}) {
+  5 |   'use no memo';
+> 6 |   useEffect(() => [propVal]);
+    |   ^^^^^^^^^^^^^^^^^^^^^^^^^^ Todo: Untransformed reference to experimental compiler-only feature (6:6)
+  7 | }
+  8 |
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.use-no-memo.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.use-no-memo.js
new file mode 100644
index 0000000000000..53eeda50501ed
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/bailout-retry/error.use-no-memo.js
@@ -0,0 +1,7 @@
+// @inferEffectDependencies @panicThreshold(none)
+import {useEffect} from 'react';
+
+function Component({propVal}) {
+  'use no memo';
+  useEffect(() => [propVal]);
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/infer-effect-dependencies.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/infer-effect-dependencies.expect.md
index 89da346a72c50..d0745f9bd37ba 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/infer-effect-dependencies.expect.md
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/infer-effect-dependencies.expect.md
@@ -34,13 +34,6 @@ function Component({foo, bar}) {
     console.log(bar.qux);
   });
 
-  function f() {
-    console.log(foo);
-  }
-
-  // No inferred dep array, the argument is not a lambda
-  useEffect(f);
-
   useEffectWrapper(() => {
     console.log(foo);
   });
@@ -58,7 +51,7 @@ import useEffectWrapper from "useEffectWrapper";
 const moduleNonReactive = 0;
 
 function Component(t0) {
-  const $ = _c(14);
+  const $ = _c(12);
   const { foo, bar } = t0;
 
   const ref = useRef(0);
@@ -119,7 +112,7 @@ function Component(t0) {
   useEffect(t4, [bar.baz, bar.qux]);
   let t5;
   if ($[10] !== foo) {
-    t5 = function f() {
+    t5 = () => {
       console.log(foo);
     };
     $[10] = foo;
@@ -127,20 +120,7 @@ function Component(t0) {
   } else {
     t5 = $[11];
   }
-  const f = t5;
-
-  useEffect(f);
-  let t6;
-  if ($[12] !== foo) {
-    t6 = () => {
-      console.log(foo);
-    };
-    $[12] = foo;
-    $[13] = t6;
-  } else {
-    t6 = $[13];
-  }
-  useEffectWrapper(t6, [foo]);
+  useEffectWrapper(t5, [foo]);
 }
 
 ```
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/infer-effect-dependencies.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/infer-effect-dependencies.js
index efdd4164789b4..2bad5ee1cc920 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/infer-effect-dependencies.js
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/infer-effect-dependencies.js
@@ -30,13 +30,6 @@ function Component({foo, bar}) {
     console.log(bar.qux);
   });
 
-  function f() {
-    console.log(foo);
-  }
-
-  // No inferred dep array, the argument is not a lambda
-  useEffect(f);
-
   useEffectWrapper(() => {
     console.log(foo);
   });
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/todo.import-default-property-useEffect.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/todo.import-default-property-useEffect.expect.md
deleted file mode 100644
index a5a576c83067a..0000000000000
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/infer-effect-dependencies/todo.import-default-property-useEffect.expect.md
+++ /dev/null
@@ -1,44 +0,0 @@
-
-## Input
-
-```javascript
-// @inferEffectDependencies
-import React from 'react';
-
-function NonReactiveDepInEffect() {
-  const obj = makeObject_Primitives();
-  React.useEffect(() => print(obj));
-}
-
-```
-
-## Code
-
-```javascript
-import { c as _c } from "react/compiler-runtime"; // @inferEffectDependencies
-import React from "react";
-
-function NonReactiveDepInEffect() {
-  const $ = _c(2);
-  let t0;
-  if ($[0] === Symbol.for("react.memo_cache_sentinel")) {
-    t0 = makeObject_Primitives();
-    $[0] = t0;
-  } else {
-    t0 = $[0];
-  }
-  const obj = t0;
-  let t1;
-  if ($[1] === Symbol.for("react.memo_cache_sentinel")) {
-    t1 = () => print(obj);
-    $[1] = t1;
-  } else {
-    t1 = $[1];
-  }
-  React.useEffect(t1);
-}
-
-```
-      
-### Eval output
-(kind: exception) Fixture not implemented
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-infer-deps-on-retry.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-infer-deps-on-retry.expect.md
new file mode 100644
index 0000000000000..ce64d4d34392a
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-infer-deps-on-retry.expect.md
@@ -0,0 +1,42 @@
+
+## Input
+
+```javascript
+// @inferEffectDependencies @panicThreshold(none)
+import {useRef} from 'react';
+import {useSpecialEffect} from 'shared-runtime';
+
+/**
+ * The retry pipeline disables memoization features, which means we need to
+ * provide an alternate implementation of effect dependencies which does not
+ * rely on memoization.
+ */
+function useFoo({cond}) {
+  const ref = useRef();
+  const derived = cond ? ref.current : makeObject();
+  useSpecialEffect(() => {
+    log(derived);
+  }, [derived]);
+  return ref;
+}
+
+```
+
+
+## Error
+
+```
+  11 |   const ref = useRef();
+  12 |   const derived = cond ? ref.current : makeObject();
+> 13 |   useSpecialEffect(() => {
+     |   ^^^^^^^^^^^^^^^^^^^^^^^^
+> 14 |     log(derived);
+     | ^^^^^^^^^^^^^^^^^
+> 15 |   }, [derived]);
+     | ^^^^^^^^^^^^^^^^ Todo: Untransformed reference to experimental compiler-only feature (13:15)
+  16 |   return ref;
+  17 | }
+  18 |
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-infer-deps-on-retry.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-infer-deps-on-retry.js
new file mode 100644
index 0000000000000..f3a57bb912547
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-infer-deps-on-retry.js
@@ -0,0 +1,17 @@
+// @inferEffectDependencies @panicThreshold(none)
+import {useRef} from 'react';
+import {useSpecialEffect} from 'shared-runtime';
+
+/**
+ * The retry pipeline disables memoization features, which means we need to
+ * provide an alternate implementation of effect dependencies which does not
+ * rely on memoization.
+ */
+function useFoo({cond}) {
+  const ref = useRef();
+  const derived = cond ? ref.current : makeObject();
+  useSpecialEffect(() => {
+    log(derived);
+  }, [derived]);
+  return ref;
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-syntax.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-syntax.expect.md
index 86836d86b6092..e9b6b4d915074 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-syntax.expect.md
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-syntax.expect.md
@@ -2,7 +2,7 @@
 ## Input
 
 ```javascript
-// @enableFire
+// @enableFire @panicThreshold(none)
 import {fire} from 'react';
 
 /**
@@ -29,21 +29,13 @@ function Component({prop1}) {
 ## Error
 
 ```
-   9 | function Component({prop1}) {
-  10 |   const foo = () => {
-> 11 |     try {
-     |     ^^^^^
-> 12 |       console.log(prop1);
-     | ^^^^^^^^^^^^^^^^^^^^^^^^^
-> 13 |     } finally {
-     | ^^^^^^^^^^^^^^^^^^^^^^^^^
-> 14 |       console.log('jbrown215');
-     | ^^^^^^^^^^^^^^^^^^^^^^^^^
-> 15 |     }
-     | ^^^^^^ Todo: (BuildHIR::lowerStatement) Handle TryStatement without a catch clause (11:15)
   16 |   };
   17 |   useEffect(() => {
-  18 |     fire(foo());
+> 18 |     fire(foo());
+     |     ^^^^ Todo: Untransformed reference to experimental compiler-only feature (18:18)
+  19 |   });
+  20 | }
+  21 |
 ```
           
       
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-syntax.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-syntax.js
index ec50ed84c5780..b1ee459177509 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-syntax.js
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.todo-syntax.js
@@ -1,4 +1,4 @@
-// @enableFire
+// @enableFire @panicThreshold(none)
 import {fire} from 'react';
 
 /**
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.untransformed-fire-reference.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.untransformed-fire-reference.expect.md
new file mode 100644
index 0000000000000..f6f945692319b
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.untransformed-fire-reference.expect.md
@@ -0,0 +1,23 @@
+
+## Input
+
+```javascript
+// @enableFire @panicThreshold(none)
+import {fire} from 'react';
+
+console.log(fire == null);
+
+```
+
+
+## Error
+
+```
+  2 | import {fire} from 'react';
+  3 |
+> 4 | console.log(fire == null);
+    |             ^^^^ Todo: Untransformed reference to experimental compiler-only feature (4:4)
+  5 |
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.untransformed-fire-reference.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.untransformed-fire-reference.js
new file mode 100644
index 0000000000000..25a60a97167dd
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.untransformed-fire-reference.js
@@ -0,0 +1,4 @@
+// @enableFire @panicThreshold(none)
+import {fire} from 'react';
+
+console.log(fire == null);
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.use-no-memo.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.use-no-memo.expect.md
new file mode 100644
index 0000000000000..5f323d486821b
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.use-no-memo.expect.md
@@ -0,0 +1,42 @@
+
+## Input
+
+```javascript
+// @enableFire @panicThreshold(none)
+import {fire} from 'react';
+
+/**
+ * TODO: we should eventually distinguish between `use no memo` and `use no
+ * compiler` directives. The former should be used to *only* disable memoization
+ * features.
+ */
+function Component({props, bar}) {
+  'use no memo';
+  const foo = () => {
+    console.log(props);
+  };
+  useEffect(() => {
+    fire(foo(props));
+    fire(foo());
+    fire(bar());
+  });
+
+  return null;
+}
+
+```
+
+
+## Error
+
+```
+  13 |   };
+  14 |   useEffect(() => {
+> 15 |     fire(foo(props));
+     |     ^^^^ Todo: Untransformed reference to experimental compiler-only feature (15:15)
+  16 |     fire(foo());
+  17 |     fire(bar());
+  18 |   });
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/todo-use-no-memo.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.use-no-memo.js
similarity index 51%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/todo-use-no-memo.js
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.use-no-memo.js
index 2587e24ee1170..92e1ff211a62c 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/todo-use-no-memo.js
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/error.use-no-memo.js
@@ -1,6 +1,11 @@
-// @enableFire
+// @enableFire @panicThreshold(none)
 import {fire} from 'react';
 
+/**
+ * TODO: we should eventually distinguish between `use no memo` and `use no
+ * compiler` directives. The former should be used to *only* disable memoization
+ * features.
+ */
 function Component({props, bar}) {
   'use no memo';
   const foo = () => {
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/no-fire-todo-syntax-shouldnt-throw.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/no-fire-todo-syntax-shouldnt-throw.expect.md
new file mode 100644
index 0000000000000..fecc28bb00158
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/no-fire-todo-syntax-shouldnt-throw.expect.md
@@ -0,0 +1,95 @@
+
+## Input
+
+```javascript
+// @enableFire @panicThreshold(none)
+import {fire} from 'react';
+
+/**
+ * Compilation of this file should succeed.
+ */
+function NonFireComponent({prop1}) {
+  /**
+   * This component bails out but does not use fire
+   */
+  const foo = () => {
+    try {
+      console.log(prop1);
+    } finally {
+      console.log('jbrown215');
+    }
+  };
+  useEffect(() => {
+    foo();
+  });
+}
+
+function FireComponent(props) {
+  /**
+   * This component uses fire and compiles successfully
+   */
+  const foo = props => {
+    console.log(props);
+  };
+  useEffect(() => {
+    fire(foo(props));
+  });
+
+  return null;
+}
+
+```
+
+## Code
+
+```javascript
+import { useFire } from "react/compiler-runtime";
+import { c as _c } from "react/compiler-runtime"; // @enableFire @panicThreshold(none)
+import { fire } from "react";
+
+/**
+ * Compilation of this file should succeed.
+ */
+function NonFireComponent({ prop1 }) {
+  /**
+   * This component bails out but does not use fire
+   */
+  const foo = () => {
+    try {
+      console.log(prop1);
+    } finally {
+      console.log("jbrown215");
+    }
+  };
+  useEffect(() => {
+    foo();
+  });
+}
+
+function FireComponent(props) {
+  const $ = _c(3);
+
+  const foo = _temp;
+  const t0 = useFire(foo);
+  let t1;
+  if ($[0] !== props || $[1] !== t0) {
+    t1 = () => {
+      t0(props);
+    };
+    $[0] = props;
+    $[1] = t0;
+    $[2] = t1;
+  } else {
+    t1 = $[2];
+  }
+  useEffect(t1);
+  return null;
+}
+function _temp(props_0) {
+  console.log(props_0);
+}
+
+```
+      
+### Eval output
+(kind: exception) Fixture not implemented
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/no-fire-todo-syntax-shouldnt-throw.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/no-fire-todo-syntax-shouldnt-throw.js
new file mode 100644
index 0000000000000..899fa33376512
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/no-fire-todo-syntax-shouldnt-throw.js
@@ -0,0 +1,35 @@
+// @enableFire @panicThreshold(none)
+import {fire} from 'react';
+
+/**
+ * Compilation of this file should succeed.
+ */
+function NonFireComponent({prop1}) {
+  /**
+   * This component bails out but does not use fire
+   */
+  const foo = () => {
+    try {
+      console.log(prop1);
+    } finally {
+      console.log('jbrown215');
+    }
+  };
+  useEffect(() => {
+    foo();
+  });
+}
+
+function FireComponent(props) {
+  /**
+   * This component uses fire and compiles successfully
+   */
+  const foo = props => {
+    console.log(props);
+  };
+  useEffect(() => {
+    fire(foo(props));
+  });
+
+  return null;
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/todo-use-no-memo.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/todo-use-no-memo.expect.md
deleted file mode 100644
index 907501228b10b..0000000000000
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/transform-fire/bailout-retry/todo-use-no-memo.expect.md
+++ /dev/null
@@ -1,47 +0,0 @@
-
-## Input
-
-```javascript
-// @enableFire
-import {fire} from 'react';
-
-function Component({props, bar}) {
-  'use no memo';
-  const foo = () => {
-    console.log(props);
-  };
-  useEffect(() => {
-    fire(foo(props));
-    fire(foo());
-    fire(bar());
-  });
-
-  return null;
-}
-
-```
-
-## Code
-
-```javascript
-// @enableFire
-import { fire } from "react";
-
-function Component({ props, bar }) {
-  "use no memo";
-  const foo = () => {
-    console.log(props);
-  };
-  useEffect(() => {
-    fire(foo(props));
-    fire(foo());
-    fire(bar());
-  });
-
-  return null;
-}
-
-```
-      
-### Eval output
-(kind: exception) Fixture not implemented
\ No newline at end of file