What Effect is this?
There are dozens of ways to get that kind of colour shift. The way I would do it is by using colour/response curves, and perhaps hue / saturation controls. Most compositing, grading and editing software have these effects.
Here's a two minute attempt in AE, trying to match the leftmost panel to the 2nd from the right. It needs work, but I got bored.

Looks like there's some chromatic aberation or mis-registration effect there as well. You can do that by making a copy of the original layer, altering the curves and using transfer modes (add, overlay, multiply, whichever works) to composite it with the original. Below, I copied the original layer, used overlay transfer mode, Nudged it 20px to the right and mucked around with the curves (mainly just inverting the luma value). You can see the effect control for this layer in this screenie:

Then you can animate all the parameters.