There's a new example in the animations branch called "Animated Tiles". It's nothing very fancy, showing how to animate transitions between five defined states.

But it does qualify for youtube material :-).

If you want to access the code, visit the Kinetic labs page: http://labs.trolltech.com/page/Projects/Graphics/Kinetic

Discussions are on #qt-kinetic on irc.freenode.net.

Enjoy!

(update 13:41: updated the url)