Specific effects should be taylored to match the concept of the site. Care should be taken that effects do not get in the way of use, and do not have an overkill such that they have a significant impact on performance.
Try to give your visitors something, rather than hitting them with something.
Tasteful subtle effects can often be more dramatic than glaring bursts of over activity.
A site for an attorney for instance should be clear and more bland than one for say a games site which can get quite expressive and still be acceptable.
On color:
The correct mix of color will go a long way to improve appearance with minimal negative impact on use, just use care in different shades of a color group. Try not to have a tan wording on top of a different shade of light brown background for instance, it might degrade the ability to read the text.
I would try to stay away from a mix of colors from opposite sides of the color wheel or a mix of cool and warm colors on the same page.
Personally, I would reserve the neon colors for entertainment related things or where the time you expect visitors to stay is limited.
Often when you are trying to advertise a product or service, less is more.