Yes, you're right. There is some kind of anti-aliasin going on. I was looking at the image using MaxView yesterday so any pixel with transparancy turned black.
However, if you look closely at the attached 600dpi image you can see that the horizontal strokes in the letterforms are still jagged. The anti-aliasing works well on the star but not so much so on any shape which is close to vertical or horizontal.
The anti-aliasing looks more like some kind of smoothing or slight blur. (Notice how there is a uniform 1 px 50% transparent black outline around the top of the "T" rather than pixels in multiple shades of black, as is the case around the black lines of the star. This is also the case with the large black square outline.)
On the duplicate shape with no effects applied, the anti-aliasing seems similar but here it works so well it's not really noticable.
Maybe it's because of the horizontal and vertical shapes of the letters. I'll try with another font and more shapes...