Thanks for the feedback Drajor.
The latest stuff from the svn now has animated textures support. So finally zones like for example kedge (where the entire "underwater" effect is based on texture animations) look as they should. I'm working on the transparency issues now, a real "walkmode", that allows exploring the zone as if you were actually in game, is next. I'll probably package up new binary installers at that point and upload them to the google code site. If interested, anyone can also track progess via the issues log at
http://code.google.com/p/panda-zonewalk/issues/list.
Aengor