In V7 we could take a b&w bitmap and drop out the foreground color to make it transparent, which was very convenient for use with images of signatures and images in front of text. Can the same be done with Connect?
If you’re talking about making the entire image transparent, then the answer is yes!
You will be able to accomplish this through the CSS opacity property.
Below you’ll find some excellent documentation on this property and how to use it. The simplest implementation would be to add this as an inline CSS element on the img tag itself. Or you could apply it via the stylesheet and make it apply to multiple images at once.
Alternatively you could use transparent .gif or .png image files. These would show the desired result out of the box.
As far as doing it like in PlanetPress Suite, no, it is not possible. Your best bet would be to follow Erik van den Heuvel post and made a PNG file already set-up with transparency.