Bill
Is FS.X is opposite to FS.9 in this respect?
Or is that just transparency :-/
I have no way of checking this at the moment

Ah, that's the million dollar question! You see, the Alpha channel on the Diffuse Color can be used for either "reflections" (aka: shine) -or "transparency" depending on how the modeler set up the material and/or filename (in the case of FS9).
In FS9 only, a suffix of _T to a filename forces the Alpha channel to control transparency, otherwise it is used to control reflection...
In FSX, the suffix has no meaning at all. The presence or absence of a Specular Color texture and flags in the FSX Material are what controls the Alpha channel's behavior.