I've not worked (much) with 32-bit PNGs, but I have worked mostly with PNG-24 and have seen the light-blue effect with that in IE as opposed to the non-transparancy. There are fixes out there that I've seen, but the ones I've implemented to ensure IE 6 and 7 render the format properly have caused a slight delay in processing the image and therefore showing the light-blue "haze" or "transparency overlay" for a part of a second - enough to be an annoyance if you work with them enough.
My .02 cents for working with PNGs.
Which is why I advocate using PNG8. IE 5.5, 6 and 7 display this form of PNG without a problem. IE 4 and 5 simply drop the colors which have an alpha value - meaning the drop shadow disappears - there's not grey box effect.