The visual fx mean nothing to the server, it's the clients who may benefit from reduced graphics lag. The elements fx was actually changed for Layonara, the colourful rune ring surrounding the players was an effect created by Thak.
As a defensive caster I don't like the idea, I'm always using the graphical representation to keep tabs on the state of the party's defenses even after the pre journey buffing. I don't want to have to examine a character to see if they need a spell again because they've been dispelled or I've forgotten.
With all that said it's not a huge code change if the majority of the server wishes these go away. I'm afraid I can't make it client specific such that it could be controlled over who wants to see it and who doesn't.
There could be a way if someone makes the textures on the models transparent that individual players could put in their override.