Hi,
The behaviour of the Composite transistion seems a little bit strange to me: I'm not sure if it's a bug, but I fail to grasp the logic.
Let's say you have two clips : one green on track 3, one blue on track 2, and Composite transition between the two, with 75% opacity.
The result is as expected: you can see both, the blue one being more visible.
But if you add third clip, red one, on track 1 with a Composite transition at 100% opacity, you will see the red clip at 75%, the green one (bottom) at 25% but blue one will disappear.
I expected to see only the red (top) one.
So, is this a bug or did I miss something?

@DiveO,@ttguy : thanks for your answers
@DiveO : The 3rd track is compositing with the 2nd and the 2nd with the first (the result is the same with "auto" setting for both transition)
@ttguy : "Alpha Channel operation" is set to over and from what I understand, it should be the correct one (tried them all anywway, and could get the result i wanted).
Like, @DiveO, my problem is probably that I expect a behaviour similar to other applications which have layer compositng, like Gimp.