Look at the Alpha Channels section as specified
here...
The spec seems to imply that if a 24 bit png has an alpha channel, then the RGB channels will be high color (24/4 = 6 bit per channel or 18 bit combined for RGB). If you want true color with alpha then you have to save them as 32 bit...which is what mp3 wanted to do all along. It is confusing...looking at a *.psd in IrfanView, image info says that the image (which is a 24 bit image on a transparent background) is 32 bit. When that same image is saved as a 24 bit png or tif w/ transparency, IrfanView says that they are both 24 bit. So either the bit depth is dropped to 6 bits per channel, or IrfanView is ignoring the alpha channel (but displays the transparency correctly).
Maybe 24 bit RGB png w/ trans = 32 bit RGBA***
Maybe not...
Using PNGOUT (which should auto detect input file parameters), it always uses /c2 (coltype:2) on PhotoShop 7 saved png's
Looking at the "help" file...
/c# PNG output color type: 0=Gray, 2=RGB, 3=Pal, 4=Gray+Alpha, 6=RGB+Alphaxen-uno
edit: Tried again w/ PNGOUT on a png that was saved correctly (w/ alpha). PNGOUT outputted the file using coltype:6, so I think the *** applies.