There is a new Transition Sample available on the official blog site and I played a little bit with it.
For me the transition only works on VideoElements. If I apply it to a ImageElement doens't work for example. Same with a ParallelElement object. I also ask myself how to add a transition to an Child of a ParallelElement. I tried it with the getChild(XY) method but it also doesn't work.
Has somenone else played with the example from the blog post -> http://blogs.adobe.com/osmf/2010/04/transitions_sample.html
Thanks for the bug report on this. I thought I'd update the sample to be a but more realistic, so I've added a serial element that displays not only an ImageElement, but also a VideoElement as well.
very cool, thanks for that example!!!!