Use Distort to create warps and morphs of clips using spline-based shapes.
To access Distort, use:
Batch, then select a node from the Node bin.
Timeline, then use Batch FX (see Creating Batch FX).
Tools, then select from the menu (See Accessing Tools).
Distort accepts two front clips, two matte clips and one back clip as inputs, and outputs a result and an outmatte.
In Batch, you can create a more convincing morph, for example, by animating colour transitions between the first and second clips using Colour Corrector nodes.
The Distort controls are described as follows.

(a) Warper button (b) Interpolation field (c) Spline Display controls (d) Refining controls (e) Shape Stabilizer controls (f) Blend field (g) Link box