I have seen this effect on a template and decoded it with Sothink SWF Quicker there is an effect which I could not solve.
I have posted the original picture, the timeline and the effect of the picture frame by frame
Here is the URL : http://www.terzzi.com/abus/AboutEffect
Here is the SWF : http://www.terzzi.com/abus/AboutEffect/9010.swf
In the first part there is an alpha effect but i couldnt solve the second effect. Anybody help?