A novel population of cells expressing typical markers of immature neurons, such as doublecortin-positive cells, was recently identified. This population was predominantly located in layer II of the adult cerebral cortex of relatively large mammals. These cells appear to maintain an immature phenotype for a protracted time window, suggesting a lifelong role in cortical plasticity under normal physiological conditions, and possibly under pathological conditions as well. This review discusses recent evidence regarding the detailed features of these unique cells, including their distribution, morphology, fate, temporal and spatial origin, as well as their relevance and possible functions in various physiological and pathological conditions. In addition, we review studies that have produced conflicting results, possibly as a result of discrepancies in the methodology used to detect neurogenesis. In theory, the properties of these cells indicate that they might exert a significant impact on neocortical function, informing potential therapeutic strategies designed to induce endogenous neurogenesis in the treatment of neuropathological diseases.