As another altar boy dropout, I concur with everything stated by 230RN.
Speaking with an LCMS pastor many years later, I found out that 'transsubstantiation' was one of the big differences between RCC and LCMS, where RCC believes that it is the body and blood of Christ, the LCMS sees ut as a representation of.
I also concur with 230RN. My roommate for three out of four years of undergraduate college was a history major bound for seminary -- he later became an Episcopal minister. I typed one of his term papers, on the subject of transubstantiation. We discussed it at length, and it was clear that the historical view of the Roman Catholic Church has always been that the bread and wine literally become the body and blood of the Christ. As far as I know, all Protestant denominations (except one -- see below) do not accept the doctrine of transubstantiation, and instead view the bread and wine as symbolic, relying on Jesus' words at the Last Supper: "Do this in remembrance of me." (The RCC, by contrast, takes literally the statements, "This is my body" and "This is my blood.")
The Episcopal Church, of course, sits squarely on the fence regarding the doctrine of transubstantiation, as it does with so many matters of faith. The Episcopalians do not explicitly accept transubstantiation, but they also don't reject it. Their view is as much a mystery as their (and the RCC's) characterization of the Holy Eucharist as "mystery." The Episcopal view is that the bread and wine do not literally become the physical body and blood of Jesus (maybe), but that the Christ is mysteriously "present in" the bread and the wine.
I don't think I have ever attended a RCC service at which the parishioners partook of both the bread and the wine. As Terry commented, only the priest sips the wine. In the Episcopal Church, however, parishioners receive both bread and wine. (And in some other Protestant churches they don't even use wine, they use grape juice.)
The Roman Catholic view of transubstantiation is certainly not something new. It's VERY old, and is central to the faith.