fading hover

For my new project i'm looking for some good solution to fade images in links on hover from b/w to color. i know this is a quiet often used effect, but i still like it. so, which way should i go?

1. the css solution is as far as i know not valid and i would like to keep it clean.
2. flash is one possibility, but not really useful, as i have already 15 link images as this moment and will have more in future...
3. animated gif takes as much time as flash (or even more)

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