W7
9800GT nvidia
blender-2.69-2038eb1-win64
-Use sequencer -import 2 images (RGB) -Blend 2 image strips overlapping each other with cross effect strip -Set blend strip to "alpha over" result: so far so good,a nice fade is the result do the same process where one or 2 of these images were exported with an alpha channel (RGBA) result: instead of fading,the second image pops in at full opacity and then does a bit of opacity changing,but not reliably good.