Why do you they would be slow?
Just try them out. The Acrobat SDK contains a Watermark plugin example. You can easily add transparent text using it.
You can indeed. It's a nice sample.
But if you print them you see your printer rasterizing a long time if it is able to do it at all.
It actually takes place in Acrobat, but yes, depending on what type of printer you have OR the complexity of the transparency effect.
But yes, Acrobat may have to perform "transparency flattening" of the document before being sent to the printer. Unfortunately, the version of the "Adobe Graphics Manager" used by Acrobat 5.0.5 is dated compared to the one in InDesign and Illustrator and doesn't perform as well on complex transparency effects.
The pdf transparency effects need the raster engine to hold the full page in memory twice and they seem to be not very optimized most of the time.
That's not what is happening, but yes, it can be painful...
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