Yes we are only aware about the Fade in and Fade out tranisitions. Completely unaware of the Effects panel. Could you guide us on that maybe?
PS: Correction!!! We are using Adobe Captivate 4 and not Adobe Captivate CS5 as mentioned above wrongly by mistake.
If you're on Captivate 4 then you will not have the Effects panel. Your options are limited to the transitions available such as Fade in and Fade out.
If you have Flash, there is nothing to prevent you from creating SWF objects with sophisticated animations and then inserting them into Captivate. That's the way I used to do just about everything before Cp5 introduced Effects. Now I only use Flash for things Captivate cannot yet do, like masking.