i agree with nexus there.... effects only really work best when they are used rarely. - its like a reward... when you get a reward for every tiny thing... the meaning of the reward drops. - if you use extensive graphic eye candy all the time... you get used to it too much - and it becomes old.
however - its very nice. - i do especially like the jumpgate effect. ( although - i daresay that flying through it in a big ship looks just as bad as the vanilla effect )