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0f7b58d
(Get the code!)
Not sure if this is of any help; but here goes:
Only when you hover over the top left hand corner of the menu button does the launcher become fully opaque and "usable".
It is quite confusing to see a semi transparent launcher which has no real use, except maybe to see which applications are running.
What makes me think that this is more a defect than per design is the fact that when you hover out from the top left corner of the menu button to the right hand corner, it does not lose opacity.