New in Beta: Modernized Effect Controls Panel

A pickwhip would also be very welcome in the Effects panel, if you wanted to, say, link a value between two effect instances.

I really do not understand why eyeball icon is better than “fx”, which is related to switches panel and is clearly dedicated to effects. Eyeball means for me, that something is visible, what is not case of effects.. They are on / off. 
Please consider this again.. Other ideas about icons on right side is welcome..

This is great news! don't forget to make sure these elements have rounded edges.

These other elements should also receive the same treatment.

It's a minor detail, admittedly, but it's always bothered me. Perhaps a closer look at the Effects panel would finally provide an opportunity to improve it: why is it impossible to directly select properties in this panel, and why do we have to go through the Timeline panel to apply an action, a script, or drag and drop properties into the Essential Graphics panel?

Furthermore, would it be possible to prevent a layer's Effects panel from disappearing as soon as a camera or light is selected, given that these panels are empty and have never been used?

I agree with ​@Shebbe that using an “fx” icon to turn on/off effects in the Timeline panel and an “eyeball” icon to turn them on/off in the Effects panel opens the potential for confusion.

I do not know what the future plans are, but I can share some thoughts on this.

“ We've changed the effect visibility icon to match the familiar eyeball used everywhere else in the ecosystem.”

What does this mean? Adobe's ecosystem? AE’s ecosystem?  A layer can be hidden with an eye icon which makes sense. Effects in isolation also makes sense but disabling effects on the layer switch or on an individual effect means the same but now they’re different icons? Making the layer FX switch an eye too wouldn't make any sense. Premiere also still uses FX icons for it unless it’s planned to change that as well. But also there it wouldn't make sense because the clips would still have the FX icon on the right side and program monitor global FX Mute.

So I doubt this actually helps or is at all necessary.

Then some more thoughts on current design and future development.

Overall there is a lack of information presented to the user. The ideal would be that all of it is visible rather than hidden for sake of ‘clean UI’. Especially for professionals this matters.

1. Control layers that are not able to influence the pixels directly are treated as ‘things that can be turned off’. There should be a new design that can distinguish pixel manipulation effects from data only ‘effects’. A Slider Control for example shouldn't have a visibility switch.
2. You can not at all times see what the supported/working bit depth is of an effect, only a warning when the project depth is higher than what it supports. Ideally the bit depth icon is always displayed.
3. Warning icons require a click into pop-up window to read the information. This info or a shorter version of it on mouse over tool-tip would remove the need to click on it to understand what the issue is.
4. The new format right aligns additional effect info icons but they themselves aren't in fixed columns so it’s still appearance varying.

It would be welcome if the above are solved in a more elegant and clear manner. Here is an idea of what it could look like. The slider data icon is just to get the point across but can be a nicely designed icon.