We analyze \(\sim\)32 years of optical spectra and photometry for the symbiotic binary PU Vul. Light curves for the He I \(\lambda\)4471, He II \(\lambda\)4686 and H\(\beta\) \(\lambda\)4861 emission lines reveal an illumination effect, where the hot white dwarf ionizes the outflowing wind of the red giant, and evidence for an eccentric orbit with e \(\approx\) 0.16. Along with the gradual appearance of high ionization emission from [Fe VII] and O VI, the relative fluxes of these lines suggest an increase in the effective temperature of the hot component, from roughly \(10^5\) K on JD 2448000 (1990) to roughly \(2\times 10^5\) K on JD 2455000 (2009). During this period, the luminosity of the hot component dropped by a factor of 4\(-\)6 to a current value of roughly 1000 L\(_{\odot}\).