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xcompmgr is a testbed just like Luminocity- don't expect it to be fast or perfect.
having said that, KDE 3.4's kompmgr does an amazing job making x.org pretty and enjoyable to use. All the eyecandy crap is on and it looks neat! I really like being able to see through windows, it has already proven useful.
I have one bug to complain about, and i think it's xorg's fault. I get a corrupted display on startup (about the left 3/4's of the 2 screens I have) but a refresh cleans it up. I had this same issue on startup when first testing xorg and xcompmgr, seems to be a Xinerama specific problem.
So folks, if you run KDE 3.4 you're already there with a USABLE WM that has all of the Composite goodies (no shaky windows, though) The rest of these are sandboxes for ideas and testing..