The level of transcription factors is tightly controlled by their rates of
synthesis and degradation. Many critical factors are maintained at an appro
priate level by targeted addition of ubiquitin and degradation via the prot
easome. Whereas ubiquitination targets modified proteins for degradation, m
odification of substrates by the family of ubiquitin-like proteins does not
target the proteins for degradation but can alter the stability and other
properties of the modified proteins. Here we discuss the elaborate mechanis
ms that have evolved to allow specific recognition of substrates targeted f
or modification. Specific examples are discussed to illustrate the differen
t mechanisms involved and the importance of regulated degradation in diseas
es such as cancer.