When you hit the Effect By-Pass button or the letter E, the color changes in the Console View are impressive. You can't miss it.
 
No one has mentioned this as it has to do with reducing user error rather than actually adding functionality, but this gets some applause from me.
 
Thanks bakers!

 
Strange, I'm not seeing anything like this happen Geoff.
 
When I hit 'E' in the Console View, all that happens is that the names of the plug-ins in the FX Bins grey out, just like in X1/X2:
 

Smiles... Looked new. I went back to X2 and you're right. It's the same.