The Standard Model contribution to D0-anti-D0 mixing is dominated by the contributions of light s and d quarks. Neglecting the tiny effects due to b quark, both mass and lifetime differences vanish in the limit of symmetry. Thus, the main challenge in the Standard Model calculation of the mass and width difference in the D0-anti-D0 system is to estimate the size of SU(3) breaking effects. We prove that D meson mixing occurs in the Standard Model only at second order in SU(3) violation. We consider the possibility that phase space effects may be the dominant source of SU(3) breaking. We find that of the order of one percent is natural in the Standard Model, potentially reducing the sensitivity to new physics of measurements of D meson mixing. We also discuss the possibility of observing lifetime differences and CP violation in charmed mesons both at the currently operating and proposed facilities.