At the expense of stability? I've been using the oblivion ENB for a few hours ingame but I don't know what you mean by transparent textures. I've heard of a problem with signposts, but I don't have that either. As for the washed out effect, that's the part which is configurable isn't it? When I first started on the defaults, it was all muddy dark, and high contrast. I worked on it for hours and came to a more natural tonal effect, there is a switch as well to prevent bloom from over bleeding. I wouldn't attribute the 'washing out' to the version of ENB. There are video's on youtube showing ENB effects with completely neutral lighting. What exactly are we talking about here when we say different ENB versions? Do they achieve the effects through different means?
Look at the grass. For many, the grass is kind of transparent (see through) near the player but its normal a few feet ahead of the player. See here- - - > http://img29.imageshack.us/img29/1747/enbproblem.jpg
The different ENB versions all have different ways the effects are carried out. Different presets, different ingame results. In my experiences with different versions, I notice many changes. The NBA series has a nice post processing effect file that adds a softening shader. Combined with the NBA series INI, it makes a more darker scene for oblivion. Then when I was testing the different GTA San Andreas versions, I found thinsg to be brighter and more saturated. One version of the GTA San Andreas version removes the Ambient Lighting from oblivion. Thats kind of a annoying bug that is unfixable. The Richards Burn Ralley version (the one I use) seems to be more of a subtle transition with slight color saturation. With the Resident Evil versions, I found they do not even run for oblivion or run very very slowly. Each version is sort of unique in their own way.
There wasn't just one ENB version to suit all games (sorry if you thought that.) ENB was created for many games to enhance the graphics. It falls under your own experimentation to try out the different versions. But be forwarned if they chew up your computer and spit it back in your face.