Unfortunately, I cannot reveal too much about the inner workings of AlphaControls (I'm subject to its license agreement).
I studied the transparency issue. As it turns out, AlphaControls doesn't do real transparency, it does Blending. This means that it will use the bitmap of the parent of a control to mix in the blended percentage with the bitmap of the control itself. This is not slow, because from the beginning all bitmaps are copied and stored internally and all operations are done in memory in the copied bitmaps. Only the final result is painted on the canvas.
It's something like drawing the whole in a bitmap and then draw in the canvas.
I've seen that Windows does something like that with Windows 7 Explorer ToolBar. There are at least 2 resources in the msstyles, one for the toolbar background and other for the button. The toolbar resource is 100% equal to the toolbar background final result, is slice scaled (the image is 3px width, i don't remember height, so 1 px left and 1 px right for slice scaling, and I remember 3 px top and 3 px bottom, those are the borders).. well, the button resource is another bitmap with alpha, but when i do 'PutImage' with bgrabitmap it looks bad.. I need to use some blend mode, but I've no idea how to, so I think that the toolbar do the same trick to achieve the transparency: using blend modes.
The buttons are transparent and blended with the background.
If you see the toolbar with no themes, there are just '3d rectangles'. So I think that the drawing of the buttons are 'hidden' and only the toolbar area is repainted, like the whole canvas in AlphaSkin.