From Digital Photo Software:
FotoMorph is a photo animation and a Flash banner rotation tool with a super-friendly user interface. Amaze your friends and family with unbelievable transformations. Morphing is an animation technique in which one image is gradually turned into another. FotoMorph lets you make funny morphs in minutes. You've seen them in the movies and on TV, and now you can create them yourself. Turn a friend into a tiger. Watch your child grow into an adult.
FotoMorph is designed to create animations in real time. The rendering engine takes advantage of hardware acceleration, and the rendering speed easily goes up to several hundred FPS. The speed makes it possible to play final effects in real time. Using FotoMorph you can do everything a professional animator does to create amazing animations. Flash, Animated GIF, AVI, JPEG are supported.