The gallery and the copy effect are now released and functional.
From your effects tab, click on the last line that looks like this:
Click here to see the gallery of effects other users have created
You will then see the thumbnails of every effect people have generated.
If you find an effect you like, click on it and it will be copied into your effects library with the name YYYYMMDDHHMI
so maybe 201206221602. The description of this effect will be the original effect name from whomever created it,
now you can increase your effect library.