To: griffindr
Ok I may have found a solution. Here is the procedure:
Step 1) From the timeline click select the clip to the right of the desired transition, at the demarcation point right click and select “Transition” from the mouse list, when the transition¬-work-window opens, set the desired duration. Switch to Storyboard View and you will notice there is no transition.
Step 2) Double click on the transition (rectangle with the arrow) icon between the two video clips and set the duration (again) and now the “default” most basic, simple fadin/fadout transition is in place! I was unable to do this without doing step 1.