Not exactly animation, but very enjoyable to watch.
http://www.youtube.com/watch?v=wKaKj38XxCs&feature

I am just practicing my timing and spacing.
The first one is done “traditionally” as best as I can and the second one was done in AS.

Critique and advice is welcome.

Hi Shanty

I don't know of PNG with alpha, but to do it with photoshop.
When u are at the Export Image window and choose photoshop as the type, settings will become available.
In settings choose the Keep Layer Structure For Output radio button.

Hope that solves it.