If your image is pre-multiplied, then it is darker where it is transparent, and becomes black where it is totally transparent. (verify by comparing color channels to the alpha channel in Photoshop or similar)
If your image is not pre-multiplied, then it will have the same color no matter the level of transparency.
To blend a pre-multiplied alpha image into the frame buffer, you set SRCBLEND to ONE and DESTBLEND to INVSRCALPHA.
To blend a non-pre-multiplied alpha image into the frame buffer, you set SRCBLEND to SRCALPHA and DESTBLEND to INVSRCALPHA.
In general, I find that pre-multiplied alpha works best, because it avoids some fringing/filtering artifacts you may get with non-pre-multiplied, and it also allows you to over-brighten because of the additive mode, which is great for particles and other effects.