Yes, its a gradient fade, can be left to right or right to left etc, but with variables that we can change dynamically via events/actions. Would be great if it had similar options as the default C2 Fade, such as start, wait, fade time and "destroy on fadeout" options.
All right, I already had plans for linear and radial fades (have a interactive presentation project coming up, could be useful there) so this is very likely to be available. There's no real way to make a Shader remember something, but what I had in mind was position and width (of the gradient fadey part) - so you can programmatically change the position and achieve a decent amount of effects that way.