We argue that the lack of consensus regarding the existence of subliminal semantic processing arises from not taking into account the fact that linguistic stimuli are represented across several processing levels (features, letters, word form) that can independently reach or not reach awareness. Using masked words, we constructed conditions in which participants were aware of some letters or fragments of a word, while remaining unaware of the whole word. Three experiments using the Stroop priming paradigm show that when the stimulus set is reduced and participants are encouraged to guess the identity of the prime, such partially perceived stimuli can nonetheless give rise to "semantic" processing. We provide evidence that this effect is due to illusory reconstruction of the incompletely perceived stimulus, followed by usual semantic processing of the result. We conclude that previously reported unconscious Stroop priming is in fact a conscious effect, but applied to a perceptual illusion.