Hi, no the colours are definately not transparent. The gif file is 470 x168 pixels and is made up of 40 frames. The deviant transparency affects at least 4 different colours at one time (ei. in a single frame). It doesn't seem to affect any one colour uniformly. The letters in some frames lose their colour from their centre, with only a purple, cyan, red, green or white outline depending on the letter.
To see how it should be go here:
http://fp.salaam.f9.co.uk/Lady-Ley/ge.htm
This gif is the exact copy of the one used by my GE