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Need to match the opacity of the target element #46
Suggest working from the standards css 'opacity' property, rather than parsing 'filter:alpha(opacity=foo)'. Even though 'opacity' is not a css3 property, better to enable the standards. I expect you're already thinking this way.
Will this help with combining opacity and background-image (png) transparency issues in IE - automatically providing the benefits of -pie-png-fix: true; if there is a background image on the element as well? Nice.