The feature "Fade Object with Color" seems to be buggy or at least, I think it 
is uncomfortable.

In MS Powerpoint, there is a similar feature implemented by a dropdown-menu 
called "After animation" (in the German edition it is called "Nach Animation"). 
You can find this in the second tab of the animation dialog. I'm sending the URL 
of an image where this dropdown-menu is in a red ellipse. With this feature, you 
can define a color that is applied to the selected object as soon as the next 
object appears. I know OpenOffice.org has a similar feature, but this seems to 
be buggy (see last paragraph).

Why I think this feature is important: When using lists (e.g. todos) in 
presentations where the items appear step by step after mouseclicks, it is often 
a good idea to highlight the active item (i.e. the item that has just appeared 
after the latest mouseclick). With this, you can tell the audience which item 
you are discussing at the moment.

For example, when you have a list of three items, the first item should appear 
after the first mouseclick and be colored red. When you click for the second 
time, the first item should turn to black and the second item should appear red. 
When you click for the third time, the second item should also turn to black and 
the third one should appear red.

As mentioned, OpenOffice.org has a similar feature called "Fade Object with 
Color". But this feature only fades the object after a further mouseclick. So it 
forces the user to click twice for each list item: Once to fade the previous 
list item to black (or whatever) and once to make the next list item appear. 
There should be an option (checkbox) to execute these two actions in a single 
step after a single mouseclick.