Right, GDI+ supports alpha channel natively and I did some tests with it some time ago (I have made a MaLa v1.0 beta3 fully GDI+ driven with alpha channels) and it was to slow when using more than one image on a layout or several objects in a z-order over another with alpha channels. The animations objects were looking fine with alpha channels but the scrolling speed was nearly zero. Features like rotating and scaling are also easy with GDI+, but if you put all these things together and MaLa does it, it is pretty useless.
The only way to support alpha channels and blending is DirectX, the GDI+ stuff is definitely to slow. I think you can create some nice paint like applications with the GDI+, but seriously no frontend with more than one image object in the layout.