Enabling and disabling that has no effect..
Some people have gotten this working...
I have a very similar configuration to what's stated there, but still no translucency..
nvidia warns that this option is still experimental, however, it has been very stable for me with the latest nvidia drivers. The "AllowGLXWithComposite" option allows glx and composite to run together. Without it, you will lose acceleration on openGL applications - a compromise that I was most unhappy with. This option fixes that.
Any ideas what I'm doing wrong?