Filters vs. Effects

The main difference between the two above is, Effects are editable in setting and I would say are more flexible, allowing us to re-edit the effect through the Appearance palette (Window>Appearance), even though we had applied the effect; but do consider they require more memory and processor efficiency. Filters are so called "permanent rendered effect" (though we can choose Undo from the Edit menu), but typically they are unable to re-edit the setting after the files have been saved and closed or after the application quit.