Transparency won't work, when password protection is turned on. I'm sorry, this is broken since panther. In Jaguar it works fine. I'm sorry for in the inconvenience. I'll try to find a workaround as soon as possible.
I had reports from users which used to use 2.0 or earlier - please try setting transparency - it may be set to 100% by default.
Flying Toasters Screen Saver
like Berkeley's old After Dark
Version: 3.0.0