interaction picture
The interaction picture is a clever compromise that sits between the other two. It splits the system's energy into two parts: a simple, well-understood part you already know how to handle, and a complicating interaction that you want to study. The bookkeeping then divides the labour — the easy part is loaded onto the operators, while the troublesome interaction is left to drive the states.
The payoff is practical. By peeling away the rapid, boring evolution governed by the simple part, what remains is the slow, interesting change caused by the interaction alone. This makes it far easier to track how a small perturbation gradually shuffles probability between states, which is exactly the situation in many real experiments — an atom nudged by a weak light field, for instance.
This picture is the natural home of time-dependent perturbation theory and of the calculations that lead to transition rates and Fermi's golden rule. It is named after Paul Dirac, who developed it, and like the others it is just a change of vantage point: every measurable prediction it makes agrees exactly with the Schrödinger and Heisenberg pictures.
The simple part H₀ drives the operators; the interaction V drives the states.
The interaction picture is most useful when the interaction V is genuinely small compared with H₀. When the interaction is strong, the split buys you little and the perturbation series may not converge.