Changing Image Effects setting does nothing. The only noticible change to anything is when you are turning the effects on and off. Changing the sliders for contrast, saturation, sharpness, does nothing.
Go into settings, turn image effects on, slide the sliders to far right, hit apply.
Now resume the game, notice that nothing changed.
Go into settings, turn image effects off, slide the sliders to far left, hit apply.
Now resume the game, notice that nothing changed once agaion.