The Effects centre is Fullscreen Keyframing which is a quick and very useful way of doing key framing without require a lot of knowledge about keyframing.
IMHO if it migrates to MEP and VPX then I hope it is an additional method rather than replacing the current keyframing techniques.
First impressions of the Effects Centre - it is quick and easy to get effects onto a video or image, the interface works best with touch screen, touchpad or a graphics tablet, using a mouse/trackball is a little bit slower .
IMHO the best 'effect', and most useful, has got to be Size/Animation - it is so quick to get a zooming / panning object set up.
However I did manage to crash Photostory once, I suspect that was due to the speed at which I was working on my large touchpad, the interface could not quite keep up with me.
Looks very promising, particularly for users who do not want to get in deep with key framing..
I tried it out at my friend's place. I had given him my HumbleBundle version. There was an update available and this was it. I didn't try out the one effect that I wanted, Size/Position as I gave him a tutorial on everything, except that. Too much. For the ones that I tried, I could see no way to keyframe, but at least the parameters showed up.
It seems that this new feature is just an update to the existing way of adding effects with the preview monitor full-screen (Alt+Shift+I), without keyframing capability at the same time. I do like the VPX version better that the MEP version.
It's been a long time since I've used PhotoStory, and my version is old and no longer on my computer. I was disappointed that I could not find a way to put audio and video on separate tracks, or ungroup things. Also, there are no track headers, unless I missed something, no way to mute a track, and no mixer.
On the other hand, in the burn menu, Magix still has or put back the ability to export menus to psd and import from psd. Strange that this is not in MEP.
Neat! I didn't have much time to play with this; too busy showing my friend everything else.
I couldn't figure out quickly which button to press to get into that on-screen animation part for keyframing. I like that. Many users may really like this and understand better the use of keyframes.