Effects aren't that extensive, but due to the deepness and modulation possibilities of the synth, they're not really important in the first place. Having said that, they still offer some icing on the cake, especially the delay efx (imo).
The Blofeld has a VERY cool programmable arpeggiator, which is (to my knowledge) available for each part also in multi mode (could be wrong here, though, so don't shoot me if I am).
To get an impression of this little wonder box, I highly recommend checking out the demoes and descripton over at Waldorf's site:
http://www.waldorfmusic.de/en/products/ ... d_overview
There's also the keyboard version which has the sample upgrade as standard, plus the somewhat missed midi out port (the desktop version has only midi in, but also a usb port that can send midi both in and out. So the lack of midi out isn't that big a deal).
If you're looking for a synth, the Blofeld is a must check out.
Oh yeah, not to mention: the size of this thing is such that you can really sink back into you sofa/chair/whatever, and just ENJOY