Solution (Conditional Comments Solutions)
                Date of the Solution
                Sat Jul 18 19:50:06 2009
                Fixed Versions
                all of the affected
                Description
                The solution to the problem is solved using IE's properietary filter property. Let's glance at the demo first:
    - HTML Code:
- 
<div id="main"></div> 
- CSS Code:
- #main {
    background: #f00;
    width: 500px;
    height: 100px;
    opacity: .2;
}
- Conditional Comments:
- <!--[if IE]>
    <style type="text/css"
        #main {
            filter: alpha(opacity=20);
        }
    </style>
<![endif]-->
Now, the demo is working fine... The filter "property" uses DirectX to do its black magic (note that if you're testing the demo in something that doesn't support DirectX, such as ies4linux). I won't go into the details of filter "property", but the alpha(opacity=20) sets up our opacity just the way we want it. Note that the number we used is the percentage as opposed to a fraction that we used in opacity property's value.
filter "property" is a proprietary IE-only thing and effectively won't validate; that's the only reason why I've used conditonal comments for the fix - feel free to "just stick it" in your code.
I should note that IEs filter applies only to elements with "layout". In the demo height and width give our ' element"><div> "layout" and thus it's not an issue; just keep this fact in mind.