Labeled transition systems are key structures for modeling computation. In this paper, we show how they lend themselves to ordinary logical analysis (without any special new formalisms), by introducing their standard first-order theory. This perspective enables us to raise several basic model-theoretic questions of definability, axiomatization and preservation for various notions of process equivalence found in the computational literature, and answer them using well-known logical techniques (including the Compactness theorem, Saturation and Ehrenfeucht games). Moreover, we consider what happens to this (...) general theory when one restricts attention to special classes of transition systems (in particular, finite ones), as well as extended logical languages (in particular, infinitary first-order logic). We hope that this puts standard logical formalisms on the map as a serious option for a theory of computational processes. As a side benefit, our approach increases comparability with several other existing formalisms over labeled transition systems (such as Process Algebra or Modal Logic). We provide some pointers to this effect, too. (shrink)