Strictly Serato, unless you have one of the new Rane TTM mixers and the newest version of Serato. Then you're out of luck. ME only works with older versions of it.
Serato Video itself doesnt have the best transitions, and its not really the most stable piece of software. Many people have tons of issues with the video plug in to work. Not to mention its an extra cost, where as VDJ includes it all. VDJ blows it and ME out of the water, except for when it comes to the ME transitions as you can see in the video I posted.