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In this paper, we revisit the issue of the utility of the FitzHugh-Nagumo (FHN) model for capturing neuron firing behaviors. It has been noted (e.g., see [6]) that the FHN model cannot exhibit certain interesting firing behaviors such as bursting. We illustrate that, by allowing time-varying parameters for the FHN model, one could overcome such limitations while still retaining the low order complexity of the FHN model. We also highlight the utility of the FHN model from an estimation perspective by presenting a novel parameter estimation method that exploits the multiple time scale feature of the FHN model, and compare the performance of this method with the Extended Kalman Filter through illustrative examples.