This is a simple effect; it adjusts the saturation of the entire image.
Only the Saturation parameter can be adjusted in this effect. Values in the range of 0-49 indicate less color saturation in the image; values above 50 increase the image saturation; value 50 of the setting does not affect an image.
Setting the Saturation slider to 0 creates a black and white version of the image (meaning the image has no color information). This can be seen in the preview window of the time lapse software.
Note: this effect is available in the free version of Time-Lapse Tool.