A Sony EX1 training DVD shows the "Short Transition" works a whole lot like auto Rack Focus. You can adjust the speed or duration of the progress, it is nothing else than just go from one shot to another. No other effect added. I guess you can do follow focus too if planned ahead (don't have camera yet)! Really neat!
Question (not related to the above): about Micro Focus settings. Can we use Micro to get soft focused background on one on one interview, in addition to the out of focused interviewer, assuming his side face just next to the camera? If the answer is "yes", that will save a lot of efforts on lens adapters.