There should be a slow fade as pictures change. Seen in IE7 and firefox.
Not a Webkit bug. Time.com has a bug in their CSS3 compatible fading implementation. Mozilla and IE both use a seperate code path and don't encounter this bug.
This looks to be an site issue. There is a bug in the function fader(opac) at http://img.timeinc.net/time/js/home.js where it checks msWrap.style.opac, not msWrap.style.opacity. This will cause this not to work in any non IE or Mozilla browser.
Per Comment #1 and Comment #2, this is an evangelism issue for time.com.
I see no slideshow on time.com. The site was changes since time of reporting this bug. Time to close this bug.