I was wrong. It does do P5 transparencies, at least with the 1.2 update that came out yesterday. Also works fine on subdividing mats. P5 hair still isn't there though. I'm glad I saw this thread. I went Vue homepage and discovered the new update. It adds a nice new shade feature. Here's a quick render with subdividing mats and transparencies. I had to compress the .jpg file a little to get it under 200K to upload.