Key frames will not help you with creating lines for the triangles. It is a completely different feature. The triangle lines are created based on the first picture's dot layout. The triangles are created in the best possible fashion, from a mathematical standpoint, which is to simultaneously maximize the roundness of every triangle, or to put it another way, to minimize the amount of long and skinny triangles.
Key frames are more like what you call 'stations' to define the path for the dots to travel along. Assuming you are using the "1 set of key frames" feature and not the "2 sets" version, it will allow you to define a path other then a straight line from the location of the dot on picture #1 to the location of the dot on picture #2. You can see the location of your keyframes by the little markers above the preview-slider-bar (
http://www.morpheussoftware.net/morpheus/help/help.php#11) Simply scrolling through your morph will change the view of the keyframes you are currently editing, since you can only see two keyframes at once.
You can think of not using key frames as actually having two key frames, one at the start, and one at the end. Creating more key frames, for example, having 5 total frames including the 2 original ones, will cause your view when the preview slider bar is at 0% to show the 1st and 2nd keyframe. Once you approach closer to 20% on the slider, your view will jump to the 2nd and 3rd keyframes. The 2nd keyframe was originally displayed in picture box 2, but will now be displayed in picture box 1.
Hopefully this helps explain the features - we realize they may be difficult to use because of the nature of the program only currently supporting two images. This is one of the big changes that will happen for the next release of Morpheus - there will be any number of windows instead of just two boxes to work with.