Having read with great interest Gary's tutorial on the new photo tool and live effects, I was just doing some test edits.

It appears that if you clip and object and then apply a live effect (in this case the concentric waves) you have to delete the live effect before the object will unclip. The way I read the tutorial I got the impression that any effect or clip could be undone without having to delete others. If you add hundreds of live effects and decide that you clipped the object too close, do you have to delete all the effects to edit the clip?