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Dean, you apply the effect to one clip, then right-click on that clip and "copy", then you select all the other clips on the timeline with the mouse and right click "paste attributes". Quick and easy. Of course it will copy all the attributes, not just the one effect you might have in mind, so if there is more than one effect on that one clip it will copy them all. Doesn't work to copy audio properties like audio gain however, at least not in CS3.
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