Yep, Transit is super small. Velocity still gets quite small though -- about 7Kb when zipped.
As for Transit's tearing and banding at high element counts -- that is indeed the performance bottleneck of CSS transitions shining through. If you're interested, you can learn the technical reasons behind Velocity's speed increase over CSS and jQuery here: http://davidwalsh.name/css-js-animation
As for Transit's tearing and banding at high element counts -- that is indeed the performance bottleneck of CSS transitions shining through. If you're interested, you can learn the technical reasons behind Velocity's speed increase over CSS and jQuery here: http://davidwalsh.name/css-js-animation