I am writing this, because I just discovered it, and some others maybe haven't yet.
There are clips on the content disk that can be used as nice transition effects. Drag some video to your main timeline, and then open one of the clips under the EFFECTs directory on the content disk. Drag this to the second video track. Right now it is just full frame, but right click on the clip, properties, then Media properties. Click on either premultiplied (under alpha) and you will see that the dark areas of the effect are now transparent. By doing a cut to another scene when this effect has filled the frame, you can make a nice, unusual transition.
Hope this gives someone some ideas, and please don't flame me if this has been discussed before.
There are clips on the content disk that can be used as nice transition effects. Drag some video to your main timeline, and then open one of the clips under the EFFECTs directory on the content disk. Drag this to the second video track. Right now it is just full frame, but right click on the clip, properties, then Media properties. Click on either premultiplied (under alpha) and you will see that the dark areas of the effect are now transparent. By doing a cut to another scene when this effect has filled the frame, you can make a nice, unusual transition.
Hope this gives someone some ideas, and please don't flame me if this has been discussed before.