I was browsing through my referrers and found this site: ericalba.com and saw that he/she(?) was using a really neato fade script on text links. After poking around a bit – I discovered it's apparently a script you can download from here.
It seems like there's a few other interesting scripts there as well.
(updated 5/26/2003 – both these links are apparently no more – if anyone knows where else it can be downloaded – please let me know)