Yeah, I've been trying to find out myself. All I get is the vague fob off response from tech support (Jose). Standard/limited-version is "without added effects", but he won't list what these effects are (saying they're "classified")! Is it ALL the effects that aren't available? Or just the two watermark effects (image/text)?
I installed an update and didn't register it yet (coz I don't know which one to upgrade to). These are the effects that seem to be currently available (in the unregistered version)