They are an accumulative effect, where using them across many channels creates the sound, rather than focusing on one channel. Though using the different options on different material to suit the characteristics of the material  rather than using the same type on all channels seems advantageous.
 
This is a good read
http://blog.cakewalk.com/..ole-emulation-in-sonar/

I did a video about how to use the Console Emulator. Kamikaze nailed it about the effect being accumulative.
 
There's also an article I wrote for Sound on Sound, and you can see the actual waveforms. Finally, when overdriven and not used as intended, the Console Emulator can be a great processor for bass due to the audio transformer emulation.