In current cvs, when the -f option is supplied to xcompmgr, windows will fade out, but never fade back in (they remain at 0 opacity). Also, there are appear to be window pixmap errors (or something of the sort) in certain situations (most notably, when KDE tooltips are repositioned). I'll attach a patch that fixes these problems.
Created attachment 780 [details] [review] Fixes both problems described in the bug report.
this seems to work in current xcompmgr, and i'll assume some form of this was included in the big 1.0 patch. please let me know if i'm wrong.
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