At a Glance
If the images aren't the same size, Equalize Sizes will convert all of them to the same size image as the currently-selected image. Then, add a couple of "Control Points" which are where the program will focus its animation. Move the control points around on the other images so you have good spots to morph into. Then, click a button to run the animation. It's that easy. You can save as an AVI file or an animated GIF.
One annoying bit is that already-placed control points can't be dragged and dropped--you must click once to "pick up" the control point, and then place it somewhere with another click. This is non-intuitive. Also, deleting a control point isn't a matter of right-clicking--you have to select the Delete button first. Finally, there's no undo, so getting the control points right is a matter of a lot of trial and error.
It's highly amusing to morph celebrities or sports figures or even family members. Make an important political point or just amuse your friends. The best part is--it's freeware.