CSS-Tricks had a nice little slider based on Yahoo! Weather app for iOS where the background and text seem to slide separately. It was set up for manual use – users need to click on buttons or use the slider to advance, so added some code to auto-scroll, fast scrolling to the beginning when the end is reached and starting all over again.
This would be a great way to highlight new articles on your front page, using the featured image for the post as the background. It would be easy to implement in WordPress.