In kenote 2 you have the EXACT same ripple effect as a transition which the iBook can also display (there are certain transitions that the iBook can't do - but it can do the ripple effect one), which would suggest to me that this is a slightly arbitrary move on Apple's part...
Maybe it would be sluggish on stock iBooks, but I don't think this is really a 'hardware limitation'.
I'm guessing Tinkertool will be able to activate it on non core-image compatible macs soon enough...
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