Hi Brian, one major thing that the wireframe mode would do would be to speed up the display by a lot since it avoids the creation of display meshes.

Transparency wouldn't have that same "speed increase" effect, so it's not really something that would be a replacement for wireframe mode, but it could certainly be useful for other purposes.

I have added it to the wiki wishlist: http://moi3d.com/wiki/Wishlist

- Michael