Disclaimer: My models are intended for games using the Gamebryo engine, so until there is a reliable .Nif file exporter for 2.5x, I’m sticking with 2.49b.
The Gamebro engine supports a few types of animated textures, including UV translation. That is, one can animate where the texture image is mapped to the mesh. Although this can be useful in many ways, so far I’ve only been able to do this by creating the appropriate animation blocks in NifSkope–a difficult and tedious process. I understand that 3ds Max and Maya can animate UV mapping, but so far it doesn’t seem possible in Blender.
Before I start a large project that depends on animated UV’s, I want to verify that it is, in fact, not possible in Blender right now. If you know different, please speak up.