HI
I think Borate means this....If you add a clip to the sequence line (videotrack 1) and apply a transparency effect. (I have the default at 50%)
The thumbnail on the timeline becomes 50% transparent with a chequered background as you would expect. If you review the clip preview screen, it appears the same.
The sequence preview screen however shows a normal, apparently 0% transparent clip.
That the clip is 50% transparent is easily shown by dragging it up to Videotrack 2 and dropping a second (but different) clip underneath it. The sequence preview shows both clips (as it should)... Track 1 ghosting through the 50% transparent track 2.
This behaviour is seen in both 3.81 and 3.79.
I don't think there is a problem here as even a 90% transparent clip will appear normal in the sequence pane (i.e. 0% transparent) as the background is naturally black, its only when it's on the overlay track with another clip under it that the transparency will show up.
Nat