If I have one label under another label and change the parent labels alpha to 0.5 the child label is still rendered at full alpha.
But If I have one label under a uisprite and change the parent sprites alpha to 0.5 the child label is rendered at 0.5 alpha (as it should be, i think).
Why would I nest two labels, you ask? Because I want outline (on the parent) and shadow (the child) on my text.