This may not be ... well... let me explain:
There is so much packed into this video, and it happens and all comes together because of the effects used. But the effects aren't just surface eye candy, they make you look AT the scenes selected for use, they frame them (plus, most scenes are static), highlight certain aspects and themes among them and build up an atmosphere that matches the song and the AMV's story and drama very well. These effects may be to everyone's taste, but look at how well they were used in these contexts.
This my favorite video of Emong's, so I'm clearly biased in that regard. I don't normally like videos with effects like these, though, but this is eminently watchable to me and it's largely because I think these effects allow the AMV's concept to really be a lot more powerful than it otherwise would without them.