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During your opponent's Main Phase (Quick Effect): You can send this card from your hand to the GY, then target 1 Effect Monster your opponent controls; negate the effects of that face-up monster your opponent controls, until the end of this turn.
This card gained populatiry again as Nekroz came out. It is very good because it is a hand trap. Your opponent cannot tell whether you have something to stop him or not. If you have a set card or two, he will be more careful doing his/her plays. But Effect Veiler also has some drawbacks. You can only use it during your opponent's main phase and you cannot remove it from graveyard to nagate another effect on your turn, like Breakthrough Skill. What I'm saying is Breakthrough Skill is an out to eg. Vanity's or Majesty's Fiend, once while activated and once removed from the graveyard, while Veiler cannot do such things.