I'm using this minimal document to test transparency:
\documentclass[11pt]{article}
\usepackage{xunicode, xltxtra}
\defaultfontfeatures{Mapping=tex-text}
\usepackage{fontspec}
\usepackage[usenames]{xcolor}
\begin{document}
\fontspec[Color=red,Opacity=0.1,Scale=12]{Helvetica}Test
\end{document}
The rendered text is fully opaque when typeset through TeXShop with TeXLive 2011 on a MacOS Lion. Is this a known issue?

calc) (TeXLive 2011, Mac 10.6). (TeXShop has nothing to do with this, I would assume.) – Alan Munn Mar 11 '12 at 22:24