The ability to drag an effect icon from the Effect Controls area to a bin is an amazing function that AVID has offered.
I was trying to help a friend, who is new to Premiere, but an AVID editor (we used to work on AVIDs together) and I realized how helpfull it would be to save out colors effects, resizings, moves, crops, anyhting.
And no not like the current "preset" that follows you to every project and would get confusing and crowded.
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