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So SkinStudio 4.5 is finally out for the general public.
This version is the version that lets people create Start menus that have per pixel alpha blending:

(courtesy of A^J).
It also has a great deal of optimization for the importation of .msstyles. So msstyles authors can now much more easily also make a WindowBlinds version of their own skin which greatly increases their potential user base.
Moreover, if installed on the system, WindowBlinds 4.5 will show ".msstyles" as one of the types you can add when in display properties. It's quite seamless and users thus gain the performance benefits of WindowBlinds 4.5 over the bundled uxtheme rendering.

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I should also mention - SkinStudio is free. There is an enhanced and pro version that adds a bunch of goodies (Pro version adds support for making Windows Media Player skins -- so you can convert those msstyles into a Windows Media Player skin for instance).
It's downloadable at
http://www.skinstudio.net