Aliased edges when using raytraced transparency

Hello Blender artists. I’m still new to Blender and have been frequenting this site for help topics for a few months now. The forums have been invaluable in overcoming the problems I’ve faced so far; it’s amazing to see seasoned artists taking the time to answer so many questions.

However, there’s one issue I have not found an existing topic for and that is hard edges on objects behind raytraced transparent materials using the Internal rendering engine. Z transparency produces smooth edges, but as soon as I switch over to raytraced the problem occurs in the render result, which is unfortunate because I often prefer the way raytrace handles light. An example of both render results is below.

http://c-uncut.com/photo/trans-comparison.jpg

Most tutorials focus on Cycles now, so I’ve been unable to find a tutorial that deals with this particular situation. I’d love to know if I have overlooked something that is causing the aliasing or if I’m simply approaching this the wrong way. My Blender version is 2.71 and a sample file of the hourglass is included below.

http://c-uncut.com/photo/hourglass.blend