Unfortunately alpha-channel steganography is one of the simplest and most trivially detected of image steganography algorithms, making it not very useful. For an example of what goes into a serious and secure steganographic algorithm see perturbed quantization:
"Hiding" your data in the alpha channel of most images doesn't really seem at all secure to me. That's like hiding your valuables by placing them in your basement.
Steganography that I'm used to seeing intertwined ones data with the actual image data. Which is much more difficult to detect (though certainly not undetectable).
I had issues with precomputed alpha when I played with storing data in the alpha channel of images in the browser. In the end, since I didn't really need to 'hide' the data, I just wrote a few pixels at the top of the image, but even then, I found some services (i.e. gravatar) was modifying the pixel values slightly. I had to just use a bunch of the most significant bits from each pixel.
http://dde.binghamton.edu/download/pq/Fri05pq.pdf
http://dde.binghamton.edu/download/pq/