I was testing transaction support in innoDB tables, and just for the curriosity I tried to run the same transaction on MyIsam table, and surprisingly it worked. I am assuming that on myIsam table queries are executed one after another not in one atomic operation and I don't get any errors from START TRANSACTION and COMMIT and ROLLBACK operations. I am interested, is MyIsam engine just ignoring this operations or does it perform some actions?
MyISAM effectively works in auto-commit mode (as it's not a transactional engine), and it just ignores the commit/rollback.
Actually storage engine is a different layer in the MySQL architecture, separated from the SQL parser, the SQL layer communicates to the storage engine with lower-level API, and that's the reason there is a common SQL and engines, supporting different subset of featured. You can see very high-level overview of the architecture here