What is EffecTV?
EffecTV is a real-time video effector. You can watch TV or video through amazing effectors.
Really cool project for applying realtime video effects to video. With the video loopback device you can chain the effects together for even stranger results.
There are a lot of really neat video projects for Linux right now. I wasn't able to get the loopback interface working very happily with 2.6 kernel, but it's not a requirement to enjoy EffecTV.