A patch for TS-291 (transparent connections) is available on the ts-291 branch (svn.apache.org/repos/asf/trafficserver/traffic/branches/ts-291). This was synchronized with trunk this morning. Documentation is available at http://people.apache.org/~amc/tiphares/home.html.
This is a preliminary release. I am looking for feedback, testing, suggestions, bug reports, etc. If this patch at least doesn't break existing functionality then I think we might want to put it in 2.1.2 as an experimental feature, since while it is compiled in by default, it must be explicitly enabled. That is, a user not interested in transparency should be able to ignore the feature. I realize the documentation is a bit sparse but it is a work in progress. I think it should be sufficient to enable testing in some limited scenarios.