The family of neurotrophic factors known as neurotrophins has yielded a series of surprises, both with regard to the broad extent of their functional roles and the remarkable complexity of their signaling mechanisms. The recent discovery that a neurotrophin precursor protein and its proteolytically processed products may differentially activate pro- and antiapoptotic cellular responses, through preferential activation of Trk or p75 receptors, promises to unveil yet another level of regulatory complexity.