Text placed on a layer is unaffected by that layer's opacity.
http://dl.dropbox.com/u/46072108/bug_layer_opacity_text.capx
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Oops, that's because in WebGL mode text draws on top of everything. Fixed for next build, but it just uses the opacity of the layer, remember the text is not really on that layer.
Fair enough. That'll be fine for my purposes. Thanks.