It looks like a glow(or multiple glows), looks like it only affects the hot spots of the video. Another effect that you could play with would be Video Copilot Optical flares. It can track the luminance of layer and apply flares to the hot spots, you might be able to something with that too.
Johnny Cuevas, Editor
"I have not failed 700 times. I have succeeded in proving that those 700 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work."
---THOMAS EDISON on inventing the light bulb.