Bug: views with TRANSLUCENT flag set appear to have clipping or depthsorting issues on small distances. In addition, other ui elements are drawn on top of them no matter of their layer property.
Screenshot:

Content:
middle - default view (camera), z = 13
bottom-left - custom view (camera2), looking towards (camera.pan + 75, 0, camera.roll)
bottom-right - custom view (camera3), looking towards (camera.pan - 75, 0, camera.roll)
view params:
clip_near = 0
layer = 100;
genius = player;
alpha = 100;
flags = SHOW | TRANSLUCENT;

This is mentioned in the manual. (The flag is only supposed to be in the commercial edition or above, your Profile says Free edition?) (EDIT: You're correct, it seems to be available in A8 Free, too.)


Again, this is well explained in the manual. Panels, texts and view-entities are always drawn above any view when they have a positive layer value, behind each view when their layer is negative.