Neutrino propagation in space-time is not constrained to be unitary if very light states - lighter than the active neutrinos - exist into which neutrinos may decay. If this is the case, neutrino flavor-change is governed by a handful of extra mixing and oscillation parameters, including new sources of CP-invariance violation. We compute the transition probabilities in the two- and three-flavor scenarios and discuss the different phenomenological consequences of the new physics. These are qualitatively different from other sources of unitarity violation discussed in the literature.