LibTransition-1.0 delivers the goodness of old-school PowerPoint frame transitions to your local World of Warcraft cinema!

Detailed info is found in the API Documentation, but here's the gist of it:

--- Create a frame to toy with ---
local frame = CreateFrame("Frame", UIParent);
frame:SetWidth(400);
frame:SetHeight(300);
frame:SetPoint"CENTER");
local tex = frame:CreateTexture("OVERLAY");
tex:SetTexture(1,1,1,1);
tex:SetAllPoints(frame);

-- Then, either do this: --
LibTransition:Queue(frame, "FadeIn", 2); -- Fade in over 2 seconds
LibTransition:Queue(frame, "Wait", 2); -- 2 seconds of nothingness
LibTransition:Queue(frame, "Squeeze", 3, "horizontal"); -- Squeeze out over 3 seconds.
LibTransition:Run(frame); -- Run the queue on the frame

-- Or the shorthand version: --
LibTransition:Attach(frame);
frame:FadeIn(2); -- fade in over 2 secs
frame:Wait(5); -- wait 5
frame:Drop(); -- Drop it and let gravity do its work.

If you wish to see a demonstration of LibTransition-1.0, just download the library as a standalone add-on and type: /run libt_test()