It seems that some games have managed to implement downsampled transparency, and presumably gained a significant performance boost. (Examples: Uncharted 2, Crysis 2) A while back I attempted to implement a form of this based off of an article in GPU Gems 3, but we found that it wasn't quite fast enough to be a win for us.
I'm looking for information on other techniques of implementing downsampled transparency, especially targeting the PS3 and Xbox360.