Multicam in Vegas 8

I notice that when I go to "Create Master Track", it prompts with a warning that any envelopes, or fx's, will not work using multicam and will be removed when you create the track. Does this also get rid of color balance & secondary color correction that was performed on each event prior to this warning, since it is also an effect? I had several crossfades also before making the master track, and it must have gotten rid of them too, because when I get to the point where they were, the picture abruptly changes, no smooth transition. Does Excalibur also do away with any effects when a master track is created?