This is a bit off the cuff... I've mentioned it in the voice your opinion thread but it seemed to go unnoticed.
One of the major downsides to NGUI's UI elements is that the alphas of all children to a UI widget (Panel, Widget, Sprite etc) are composited x-ray style when fading Alpha. For example, a slider's BG & FG will show through the thumb when the alpha is < 1, and where elements overlap such a buttons sitting half-on, half-off floating panels or many animating pieces coming together in a complex tween transition.
Is it possible to solve this easily, assuming the elements in question can be batched, or would it need some intrinsic support deep in NGUI's drawing code?
I'm thinking of something akin to Aras's two-pass AlphaVertexLitZ shader.
http://wiki.unity3d.com/index.php?title=AlphaVertexLitZ