Another suggestion - the standard transition selection interface is great - you get a filterable list, pick a neat transition quickly and get on with the editing. The Overlay Fade In list on the other hand is rather awkward - limited to 9 tiles, scrolling in large jumps - if you deal with a lot of fade in and out effects it gets hard quick.
So my suggestion would be to give these Fade In and Out effects their own window, like this:
Clickable button instead of the drop-down one opens a new, full sized window and you get to pick the effect with the same, familiar interface as transitions. Would be a very neat addition.