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Is it possible to create a dissolve by overlapping two clips and animating transparency?
Most definitely.
There are other bells and whistles that have arrived with the advent of A:M's new NLE. Most of the variables you have available via a rotoscope you also have with patch images, decals... any image related feature. This can yield some interesting effects and transitions.
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Cool! But, could'nt all of that have been done in earlier versions of A:M as well?
A:M's Rotoscope feature has always had good ability to edit images together. What arrives with v15 is the ability to animate images over time via the Timeline. This we could not do in earlier versions.
Sound is also being integrated more fully where there were very limited capabilities before.
There is some work to do yet and I've crashed on a few occasions while trying to sync larger sequences with sound. If I would have saved prior to rendering I probably would have been okay. I still have some display/realtime issues with my graphics card and Windows Vista.
One of the things I am enjoying the most is the ability to coax different performances out of characters and retime animation using available footage. You could do this before with rotoscopes but not with the flexibility. Grabbing a spline and adjusting it in real time to get lipsync exactly positioned to the sound has been a treat. I was quite happy when the rendered version of the sequence turned out to be just like the one I was working on in realtime.
For many, having such capability may not be needed.
There are other programs available for editing films together on the cheap. For the in-A:M solution though... this is sweet!
Now... to read this tutorial to see what I'm doing wrong.
Edit: That's a nice introduction to the feature Jason.
I've been having trouble editing the sound so will try again with your instructions.