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This paper addresses the modelling of lexis within the framework of systemic functional grammar (SFG). Following Halliday's original notion of lexis as 'most delicate grammar', it is argued within SFG that there is no sharp distinction between structure and lexis. Instead, both aspects of linguistic organisation are integrated into one single network of lexicogrammatical options, which constitutes the meaning potential of a language. Options in the lexicogrammar are realised at the same time by structural configurations and lexical items.Taking adjectives and their structures as its focus, the paper develops a lexicogrammatical description which takes into consideration the range of options available for the expression of 'qualities of things' and the constraints upon and consequences of lexicogrammatical choice in this area. What emerges in particular from such a description is the complex interrelationship and interdependency between lexical and structural choice.