Effect is a group of operations that allows to make the geometric transformations. Effect defines the operations - no recalculated frames required. The list of operations include follow: Rotation X, Rotation Y, Rotation Z, Scale X, Scale Y, Scale Z, Position X, Position Y, Position Z, Shift X, Shift Y, Perspective. Main parameters of effects are Start, End state and Duration. Effect can be played by time (PC timer) or can be controlled by "channels" subsystem. This allows to make effects that are controllable via or (Spectra Analyzer).
There are a lot of algorithms that defines in which way effect will be changed from start to end state. Total number of effect algorithms is 24.