Some programs like Flash for instance and possibly "Solo" or whatever it is (I never tried it) use a different type of morphing than what you describe.
They don't rely on matching number of points but morph the "shape". So you don't have to have the same number of points, it just morphs from a shape to a shape. In Flash this is based on the curves or vectors. When you do a morph in Flash you can see how the software will sometimes have no idea what to do with some of those shapes.
Sometimes you don't always get what you expect. I've never been happy with the results in Flash... they look... fake... shape morphing in Flash looks like computer generated morphing... I don't like it. but that's just me. There is of course "shape hinting" or something like that that can help in morphing.
Photographic morphing (not fading in and out, but true morphing) is also possible with specialized software, but it is based on points placed by the user, it isn't going to be automatic. It usually requires extensive set up and placement of common points in both images, like in a face morph, the points would be on the eyes and nose, the mouth etc.
There are some open source programs I've played with that do this. It is tricky.
I think what many AS users are hoping for is the first type of morphing that is independent of the number of points. I seriously doubt we will see this any time soon in AS. I just don't think it would be easy to do based on the way AS works by animating point to point.
What you described as a "wasted" feature... well... not exactly. Moving the points on another frame to create a "morph like" transition always existed in AS/moho. It is the OTHER type that is desired. The one independent of points count. AS is different than similar applications. It is based on moving points. Programs like Flash allow manipulation of the shapes directly with out even seeing the points (take a look at the points in a Flash drawing... HOLY COW there's a lot of points.)
I don't desire morphing in AS it to be honest. How would you place a key frame in the middle of a morph between two different shapes that don't have matching points? Would you be able to create a whole new vector layer from it?
What in the world would happen to disappearing and reappearing points during a morph? The feature goes beyond just being able to morph... the program itself would have to have a totally new type of vector layer. Probably a new type of curve description completely.
Currently you can't add and remove points DURING animation, even by hand. That limitation would have to be overcome somehow.
to those who think "morphing" is just a simple new feature that efrontier is too lazy to implement... think again. It is a MAJOR feature that would require a ton of work.
I just don't see it happening. But I could be wrong.
-vern