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_alpha is stored internally in as2 as a number from 0 to 256. you're seeing 100*i/256.
BTW, I challenge you to increment _x or _y by less than .05 and have it come out predictably! That is another place where Flash only stores values to twips (twentieth of pixels) so you can get surprises there as well.
If you need "precision" in either of those cases, you can maintain a variable, do all your de/incrementing on it, and then assign the value to the property. The property will still have the value it will have, but the variable will have a much higher precision so you won't accumulate "errors" over time.