The first thing I want you to know is that I don’t know OpenGL (temporary situation ;D), so the things I’m writing may be incorrect.
I did some experiments with Java3D and OpenGL (JOGL) on win. Just simple things. I ever wanted to draw something on a buffer and then grab the resulting pixels and save them as TGA with transparent background.
No way. I always got a fully opaque black background.
I did some investigation in order to get a transparent background. I posted almost everywhere without getting any convincing solution. Someone told me that I was initializing OpenGL in the wrong way. Some other suggested to chroma-key the background (UGLY! say goodbye to speed and antialiasing).
Now I am almost certain that the reason is the implementation of OpenGL on windows: ChoosePixelFormat does not give any background transparence, even if requested. Maybe It’s a fault of the Microsoft OpenGL implementation. I don’t know.
Now, talking about Java2D on win, I suspect it will be unlikely it will be implemented on top of OpenGL for the reasons above, at least without breaking backwards compatibility with the existing Java2D graphics software.

That’s exactly what I expected to hear from you. When you say “hardware accelerated rendering” do you also mean transforms and bilinear/bicubic interpolation ?