People say "i love OP1, except for the ______". Or "why doesnt it do ______?" Spring is noisy, Punch is confusing, Phone is weird, CWO is crazy....but they're not only cute names for traditional effects like Distortion, Chorus, Flanger, Phaser. And for the "i'm using an effect!" effect, most would prefer their name-brand stompboxes, rack mounts, or plug ins.
For me, i find the effects very useful & educational, especially in the Mixer stage. Since its global, you can be subtle with them and thats where they shine. Too much high end, use a little Nitro. Mix sounding cold, brittle or abrasive...Punch can tame it & glue it back together. Quiet samples too small, too thin...Spring can open that up wide. Seems like a nod to an earlier era of recording when effects were actual effects of a process or technique, or used sparingly as a solution to a problem with the sound. IMO, TE didnt really leave anything out. You can combine the effects available in so many different ways, not only can you get any sound you're looking for, you can also learn a lot about what actual "effects" are really made of. After 2+ years, this thing still surprises me often.