I'm seeing a repeatable bug in the latest (well, pulled from git a week ago) qgis.
Grab a raster file or wms
Give the raster some transparency (30% say)
New Print Composer
Make the whole image a map. I used A4 paper at 300dpi. (less than 300 no bug).
Export as Image -> PNG (or jpeg)
view PNG and see if the transparency was consistent in the output.
This sort of operation depends on so many different libraries and other things that I'd like some others to test it out.
The results I'm getting can be seen in this example image
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Behavior is consistent across two boxes - Fedora 14 with custom gdal two week old git pull. Fedora 15 with yum install dependencies 2 day old git pull.
Looks like this is a known bug since 1.7:
http://hub.qgis.org/issues/3640