Is there a javascript framework out there that will use CSS3 Transitions for effects like changing opacity or moving elements but will fall back to using javascript setInterval/setTimeout if it is not supported?
Check out the YUI 3 Transition module, it does just that.
Check out Addy Osmani's article. It is a good summary of the current solutions with jQuery, specifically:
You could look at using http://www.modernizr.com/
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