Ok,
To my understanding, alpha channels are usefull when making things like leaves, grass, etc. and you want to keep the polygonal count down. Therefore you use Photoshop and use an image, and make the background white (or is it black?). Then you save it as a 32 bit image.
When you import the image and attach to a plane, do you have to turn on/off anything or does it naturally see the white or black part as invisible and therefore you accomplish your task?
Thanks for your time!
The tutorial file "Adding an Opacity Map" covers this in passing I think.