I would also have liked to see some motivational examples, but I think the most interesting upside of an effect system is composability.
Rust is actually really unique among imperative languages in its general composability - things just compose really well across most language features.
The big missing pieces for composability are higher-kinded types (where you could be generic over Option, Result, etc.), and effects (where you could be generic over async-fn, const-fn, hypothetical nopanic-fn, etc.)
The former becomes obvious with the amount of interface duplication between types like Option and Result. The latter becomes obvious with the number of variants of certain functions that essentially do the same thing but with a different color.