That's what I thought at first too since I was using the dark red/black magic smoke live wallpaper. I only realized the problem when I changed it up...I can see the problems you speak of if you have a red background.. I use a live paper, looks great with transparency. =D
But I'm thinking a theme shouldn't force you to use a certain type of wallpaper to give you a fully readable screen, should be able to use whichever you choose...