High-dose treatment (HDT) with autologous stem cell transplant(s) ( ASCT) improved survival, when compared to standard treatment, in multiple myeloma patients. Although the superiority of HDT is clearly recognized by the medical community, what is less appreciated is the disproportionate benefit enjoyed ( as a result of this approach) by various patient subgroups. As the clinical heterogeneity of myeloma can be currently traced to its underlying genetic features, prognostically different patient groups can be identified largely based on the presence of adverse cytogenetic abnormalities and high serum levels of lactate dehydrogenase at baseline (high-risk features). While HDT applied to high-risk patients leads to modest survival gains, the same treatment, as the backbone of a comprehensive approach, can be curative in a minority of low-risk patients. A third group of low-risk patients will enjoy rather prolonged (10-year) survival, interrupted, however, by responsive relapses. In a manner analogous to follicular lymphoma, this latter group may transform to a more aggressive disease, characterized by the new acquisition of adverse cytogenetic abnormalities. Improving the complete response rate in these patients, by integrating newer therapeutic agents, may increase their cure rate. Currently non-myeloablative, allogeneic transplants ( and possibly proteasome inhibitors) are the most promising approaches for high-risk patients.