Depending on your exact need, there are some solutions usable in realtime which may give you better result.
What effect and on which model of you're scene did you need to have then transparent ?
When you deal with blending, to get perfect rendering, you must sort each triangle by depth from back to front. And when you have triangle which interesect together you should split then for proper sorting. Doing it in realtime sorting is very consuming, therefore most of the time only the mesh/model are sorted.
Here's one solution which will give you continuity, proper sorting but back faces will not be visible:
1) Render all opaque models of your scene
2) Sort transparent model back to front, and for each model do:
2.1) Render the model solid but with color writting disabled. This will write depth of front faces, and keep original color.
2.2) Render the model with blending (transparent) with color writting and depth test enabled.
The renderer set some default state so possibly some state can't be controlled, I'll check to see if this is possible with the current release.
If this solution is suitable for what you need, but you have issues implementing this, just let me know. We can eventually implement it directly in the engine, or at least provide utilities to help you out (such as sorting, ...).