Yes, real transparency works in konsole now. The reason the konsole
window doesn't have a drop shadow like the konqueor windows and the
panel is that the compositing manager can't render drop shadows under
translucent windows yet.
This screenshot shows the Qt Application example, which has been modified
to select the ARGB visual and have a translucent QTextEdit widget. Notice
that the text in the window is fully opaque.
I've changed the way Konsole renders background colors, so they're
composited onto the background with 75% opacity. This makes using
apps like Midnight commander almost as fun as using Konqueror.
In this screenshot you can clearly see the new drop shadows that
are rendered under bright text. I borrowed that idea from Keith
Packards xterm hacks.
Konsole schemas still work as before of course. This screenshot shows
Konsole using the "Blue lens" schema I created for demo purposes.
Under the Konsole window you can see the schema editor showing the
settings for the schema.