The current visual style of popup menus are rather hard to read. This is especially true when the given menu is of any real length. Since the popup menu style differs from that of the system menu style, the discrepancy is even more pronounced. Popup menus should be made to look exactly like the existing system menus. Running on 10.4.x, this would include using the proper separator instead of the existing white space, the proper "pull-right" triangle icon, as well as matching the padding as needed. Transparency is another issue, but not a big one. I find the lack of a clear visual separator the biggest issue.
Environment: Mac OS X 10.4.10