I used to be a frequent user of UnMult from Red Giant, a free plug-in that used the Luminance of a layer to create an alpha channel. However, as a CS3 user, Unmult (and FanDev’s XMult) don’t work just yet.
Using “Shift Channels” and the new “Remove Color Matting”, however, seems to do the trick. Posted here is a quick preset that can be used as a replacement for these plug-ins.
Download the AE-CS3 “DeMult” preset
Rob Birnholz comments: FanDev’s Xmult is indeed available (free) as a Universal Binary for Intel Mac.

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