Wasn't sure that I would but I really like the new effect. I liked your last one too though, more so than the original, but this one still looks good and it's closer to the original style. Nice.
However, whenever I see a warp then it looks like a big white box. I did a quick debug and it looked like it was trying to page the EFF in as an image. 
Yeah it's supposed to look like an EFF. You have to look at
bm_bitmaps[].info.ani.eff.filename for the real filename (probably won't have the extension though) and
bm_bitmaps[].info.ani.eff.type for the real image type. It was done this way since it's seamless with the old ani code. It's a little more work to determine how to properly deal with an EFF, but it was less hacky than what I had originally coded for it and only required changed internal to bmpman that way.
As far as the white box thing goes, it's a code bug. I forgot to make sure that the image size (the memory it will need) is properly updated in bm_load_animation(). This isn't a problem for DDS images which is why I didn't catch it before. It does effectively kill JPG, PCX and TGA usage for EFFs though. I had previously cleaned up how memory allocation works in order to simplify things and it broke those image formats at that time. The fix is going in shortly, when I commit my last OGL mipmap related fixes (and hopefully the single-color-with-popup-on-ATI problem too

).