I use Kubuntu 8.04.
I have not been able to get a transparent konsole in KDE 4.1. The transparency slider under Settings -> Appearance simply did not show up.
So, I tried to create a New setting and got a warning message:
"The background transparency setting will not be used because your desktop does not appear to support transparent windows."
FYI, I am using a transparent konsole 1.6.6 in KDE 3.5.9.
I do not use compiz but have used the compiz-check script
to confirm that the checks are all OK.
wget http://blogage.de/files/4359/download -O compiz-check
Can someone please throw light on this and suggest a workaround.