Transubstantiation is the Catholic theology. The bread and wine literally become the Body and Blood. The remnants of their original physical form are illusory. (If I'm describing this at all inaccurately I'm sure TJ or belgiansocialist or somebody can correct me.)
Now, I'm no theologician, but I believe the physical properties of the bread and wine after the consecration (if that's the correct term in English) aren't illusory, they just belong to another substance now. That is to say: where the qualities of whiteness/rondness/... before consecration belonged to the bread and wine, they now belong to the body and blood of christ. Very Aristotelic obviously.