I can't wrap my head around how Vegas applies changes to an effect over time in the footage.

What's the secret? How do you go to the exact frame where the change occurs and change something without stepping through things frame by frame?

Rick, you simply add keyframes to the effect timeline. As you add keyframes, the values will automatically change between the two. So, for instance, if you used the black and white effect and had one keyframe at the very beginning of the effect timeline set to black and white and a second keyframe at the very end of the effect timeline set to full color, it would gradually change from black and white to full color over the length of that event.

Rick, you simply add keyframes to the effect timeline.Yeah, Ok I'm a dufus. The "effect timeline" was covered up. :)

I knew I had seen keyframes here before because I've used them. I just thought that certain FX weren't keyframeable.

Thanks Edward!

The effect timeline is resizable. There have been many cases where it has been "resized to nothing" by default. Generally speaking, once you make them visible again they will stay visible.