... that may even be usable enough for real-life presentations.
I'm using KeyJNote for »real-life presentations« all the time and it works great (it does help to have lots of available memory, though). In my job as a Linux instructor I have PDF slides generated with PDFLaTeX and the Beamer package that can run up to a hundred slides or so per file, and KeyJNote handles them just fine. Especially the overview mode is useful, as is the ability to highlight various rectangles on a slide.
Incidentally, KeyJNote/Impressive does support several types of transition per presentation. In fact, it is not difficult to extend the LaTeX beamer package to write an Impressive .info file that will execute one kind of transition between plain slides, a different kind at the start of a section, and yet another different kind at the start of a subsection.
I also have patches to make it easier to control KeyJNote through a Trust Wireless Presenter mouse. I sent them to Martin Fiedler but he has so far not bothered to take them on, so if you're interested, drop me a note.
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