In this paper we consider bounded real-valued functions over the discrete cube, f : {-1, 1}n [-1, 1]. Such functions arise naturally in theoretical computer science, combinatorics, and the theory of social choice. It is often interesting to understand when these functions essentially depend on few coordinates. Our main result is a dichotomy that includes a lower bound on how fast the Fourier coefficients of such functions can decay: we show that |S|>k f(S)2 exp(-O(k2 log k)), unless f depends essentially on only 2O(k) coordinates. We also show, perhaps surprisingly, that this result is sharp up to the log k factor. The same type of result has already been proven (and shown useful) for Boolean functions [Bou02, KS]. The proof of these results relies on the Booleanity of the functions, and does not generalize to all bounded functions. In this work we handle all bounded functions, at the price AMS 2000 subject classification: 42B35 Key words and phrases: Fourier analysis, Boolean func...