Hi
I don't think the crossfade effect in Version 3.0 has altered much from version 2.41. It works in the same way as regards the frames used in the effect, but in version 3.0 the user has lost the ability to drag the ends of the effects bar left or right and so "de-centre" the crossfade which was often quite useful. It seems to be produced in a different way as well. The two ends seem to get calculated first and then the right hand fade is generated followed by the left hand half. In version 2.41 the effect seemed to be generated from left to right in one go. This may explain why it can't be moved.
"there are no indicator bars or messages anywhere telling me how long the rendering will take, and every time I press the play button, it just says "Building preview | Please wait"
In version 3.0 as in 2.41, there is a yellow bar over the top of the clip that fills in as the effect is generated and the clip can be reviewed immediately in the left hand pane when this is complete.
If the sequence is altered then a green bar traverses along over the top of the thumbnail image/s. If this is still in progress then the message will appear.
Rendering to an avi(etc) can take more time and seems to be longer in V3.0 than for a similar sequence in 2.41.but a progress window should still appear with the blue bar.
Nat