Window: Use the Window value to play a Flash Player movie in its own rectangular window on a web page. This is the default value for wmode and it works the way the classic Flash Player works. This normally provides the fastest animation performance.
Transparent: Transparent mode allows the background of the HTML page, or the DHTML layer underneath the Flash movie or layer, to show through all the transparent portions of the movie. This allows you to overlap the movie with other elements of the HTML page. Animation performance might be slower when you use this value.