You can get lots of inbetween frames too.
Say you have a number between 0 and 1, where 0 means entirely the previous frame, and 1 means entirely the next frame, and anything in between is a blend of some sort, then you can get
'pseudo code
r0,g0,b0 = pixel from previous frame
r1,g1,b1 = pixel from next frame
f = blend_factor_between_0_and_1
r = r0 + f * (r1 - r0)
g = g0 + f * (g1 - g0)
b = b0 + f * (b1 - b0)
But, exactly as you say, a 50:50 blend can be done like
r = (r0+r1)/2
g = (g0+g1)/2
b = (b0+b1)/2
which is a smidge simpler to compute
Jim