JavaScript: lightweight jQuery slideshow

jquery.slideshow.js

var slideContainer = $('.carousel'),
				slides = slideContainer.find('li'),
				slideCount = slides.length, 
				oldSlide = 0,
				currentSlide = 0,
				fadeSpeed = 500,
				slideSpeed = 4000,
				auto = true,
				animating = false,
				tabs = $('.tabs, .carousel-links').find('li'),
				timeout;
			tabs.filter(':first').addClass('activeSlide');
			slides.hide().filter(':first').show();
			var slideRotate = function() {
				//set new slide
				currentSlide = (auto ? (oldSlide + 1) : currentSlide) % slideCount;
				//navigation
				tabs.removeClass('activeSlide').filter(':eq(' + currentSlide + ')').addClass('activeSlide');
				//slide
				animating = true;
				slides.eq(oldSlide).stop().animate({opacity: "hide"},{queue : false, duration: fadeSpeed}, 'swing');
				slides.eq(currentSlide).stop().animate({opacity: "show"},{queue : false, duration: fadeSpeed}, 'linear', function(){
					animating = false;
				});
				//set the old slide
				oldSlide = currentSlide;
			};
			var slideInterval = setInterval(slideRotate, slideSpeed);
			//now add the controls:
			tabs.each(function(index, elem) {
			    $(elem).bind('mouseenter', function(event) {
					auto = false;
					fadeSpeed = 100;
					currentSlide = index;
					clearInterval(slideInterval);
					if (animating) {						
						timeout = setTimeout(slideRotate, fadeSpeed);
					} else{
						slideRotate();
					}
				}).bind('mouseleave', function(event) {
					auto = true;
					fadeSpeed = 500;
					clearTimeout(timeout);
					slideInterval = setInterval(slideRotate, slideSpeed);
				});
			});