Hi
The effects window as it used to be (complete but independant of the main interface screen) is not now there as it has been combined with the CLIP PREVIEW screen
When you normally open VP (with nothing loaded) you see just one screen; the SEQUENCE PREVIEW. When you add a clip to the media list it becomes the focus and the CLIP PREVIEW window is displayed. Move this clip onto the timeline (sequence line) and the window changes to the SEQUENCE PREVIEW. Selecting a clip from the Media list or from the timeline will display it in the CLIP PREVIEW window.
You can switch between the two displays by clicking the appropriate button at the top of the display window. The CLIP PREVIEW shows the currently selected clip. If this seems a bit confusing you can do as Borate suggests and display both windows side by side using the Dual Previews option from the view menu.
Now, adding an effect is done (as you no doubt know) by selecting a clip on the timeline and clicking the FX button associated with it. Instead of displaying a effects specific window as it used to, VP now shows a control display pane for the effect that has been opened, and depending on the effect you can extend this to show the key frame lines with scrubber bar for the various parameters. This extension can obscure the display window.
However, despite this you should now see that the CLIP PREVIEW has taken the focus of the main display and it is this that will show the effects that you are introducing in a similar way as it did previously.
e.g. If you have chosen to use the POSITION effect, the CLIP PREVIEW window will now show the position rectangle in a similar way that the old window used to.
If you want the effect to move, open the extension pane and set key frames as before adjusting the display rectangle and using graph line buttons and the red cursor line. (Same/similar to previously)
There is no accept option for effects now as they take effect immediately once the frames have been generated, and you can play the clip straight away to see of the effect is waht you want.
You can edit the parameters just as before.
If you want to see the screen in a (rather) similar way as before i.e. larger you can undock the CLIP PREVIEW window.
IMHO I do feel that the idea of having independant screens/panes/windows for the various components of an effect is a bit clumsy as they often obscure each other.
Anyway hope this helps a bit.
Nat
I am sure much of this you already know, but even so the "old" effects pane is still there but it's been disguised. :-))