I just tried it again and it works as I described, other than the fact that they have changed the Fill property to FillColor now. Here's a screenshot of three buttons with the following three FillColor formulas
RGBA(255, 0, 0, 0)
RGBA(255, 0, 0, .5)
RGBA(255, 0, 0, 1)

As you can see the one with 0 is Transparent, the one with .5 is shaded, and the one with 1 is solid.