As everyone have noticed, the Form class has the Opacity property. It sets the opacity of the form and all of the controls. But is it possible to have opaque controls (e.g. picture boxes) on a transparent form?

At the moment, I can think of two workarounds.
(1) Form.Region is set to a disjoint region, which includes only “real estate” under the controls. In this case, what would be the best place to set the region of the form?
(2) Separate Form object for each control.

Any suggestion, insight or reference is really appreciated!

- Nick