Effective as what?
As exercise for health - extremely effective, helping with
weight loss and stress reduction as well as building coordination,
flexibility and strength.
For building discipline - extremely effective in teaching
patience and cooperation.
For self-defense - If taught as a fighting skill, and not as a
sport or game, it is extremely effective.
The level of effectiveness of any martial art, for whatever the
purpose, is going to depend most on the individual practicing it.
The recent winner of the Ultimate Fighting Championship Light
Heavyweight Division was a Traditional Karate prctitioner.