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This operation is now deprecated and not by default available in current versions of RealWorld Designer applications.
The Properties operation is an operation plug-in, which works with raster images and sets canvas size and alpha handling mode for the default implementation of the raster image document.
When the automatic alpha mode is activated (the default one), the application tracks if there are any semitransparent pixels and adjusts itself accordingly. For example the Icon from Image transformation determines the background color if there are no transparent pixels.
Find out how Vista icons differ from XP icons.
See how RealWorld Icon Editor handles Vista icons.