I'm a biology and/or math person, not a chemistry person. I have only taken the standard sequence of undergraduate courses up to organic chemistry, and that was some time ago, so please excuse (and correct) any mistakes that I make in my terminology.
Note: For simplicity's sake, assume that all reactions occur in a fluid, and that if any solid particles form during a reaction, they are small enough (guess: <~300nm, <~2 MDa for liquid, don't know for gas) that they do not effect the fluid nature of the solution.
The typical means of expressing reactions in elementary chemistry is a chemical equation
$$\ce{c_{X_1}X_1 +\cdots + c_{X_m}X_m <=> c_{Y_1}Y_1 +\cdots+c_{Y_n}Y_n}$$
where $\rm c_Z$ is the stoichiometric coefficient of each chemical species $\rm Z$. The time-independence of such expressions subtly suggests an instantaneous conversion of reactants into products and vice-versa, so that no time passes during the rearrangement of atoms from one chemical species into another. This doesn't actually happen, of course, but for practical purposes the time spent in transition states is so small that it has no effect on the properties of a solution.
Or so I assume. But now that I'm thinking about it, I can't see any reason why the constant conversion of reactants into products back into reactants can't leave a small but non-negligible concentration of intermediates in solution at all times, especially if the products and reactants in question are only slightly more stable than the intermediate.
The presence of such intermediates could be verified by checking that the concentration of products and reactants are simultaneously lower than the expected values at equilibrium. This would indicate that the "missing" mass is bound up in some other state, which, provided that no additional [stable] species are present, can only be that of transition between reactants and products.
To clarify - the intermediates are [probably] not stable and cannot be isolated but are being produced and consumed at the same rate in the forward and reverse reactions, so that the concentration of intermediates is consistently high enough to have an observable effect on the properties of the solution.
So how about it, are there any well known mixtures which exhibit intermediates of this type?
Comment: I would expect that most if not all reactions of this type occur under constant heating.
Additional comment: I find it somewhat ironic that the addition of gratuitous "$\frac\partial{\partial t}$"s doesn't eliminate the "instant reaction" problem.