Thanks for the input Andrew.
I can think of a few situations (but just a few) where the precomp won’t even work (based on masked and multi density footage). More issues erupt if the layers you are trying to cross dissolve have blend functions on them like Screen.
I was just looking for a simpler solution than Blend (I mean its just a cross dissolve for pity’s sake). Blend does the trick but you end up hacking your sources into snippets to keep the effect on one of the snippets and not the other. And it becomes a spot where missing frames (gaps) can creep in, especially if the footage has been reversed. “Inelegant” sums it up.
I know AE is a not a NLE but still, next to a cut, a proper film dissolve is the next most basic of techniques. (but come to think of it, Nuke’s got one, Fusion’s got one, Flame’s got one, not too sure about Shake; but its been a while. And none of those are NLE’s either)
I guess I should stop my complaining – I used to be a printer op back in the day and a dissolve on the stand was harder than the blend function these days (and no scratches!).