resently I announced the release of MTC (Mask Transition Effect Component). MTC is a easy to use Flash Component which allowes you to easily create stylish and modern Transitions in a minute. You apply MTC to MovieClip, now only Images. And since MovieClip can contain every graphical element, you have countless possibilities. Plus you can adjust the type of effect yourself, since you have parameters to play around with. See a few examples in the Mask Transition Effect Component Demo Gallery.

Get your personal copy of the MTC - Mask Transition Effect Component for Flash