JavaScript can generate both fade and wipe effects when replacing one image with another.

Creating a transition effect when swapping one image for another is trivial in JScript where Internet Explorer provides the necessary filter functions. JavaScript has no such fancy functions built in but thanks to JavaScript expert "Brothercake" adding transition image effects that work in all modern and many not so modern browsers has become a trivial task. You can even easily combine it with other scripts to produce even more interesting effects

Cycling Banner with Transition Image Effects