Well, I do not like the second viewpoint either. Nor do I like the first.
To me, feats do not have effects per se. They can modify other effects (maybe an effect on an effect in some peoples lingo), but are not effects in themselves.
Just like the Strength bonus modifier of a PC is not an effect. Just like BAB is not an effect.
These are abilities of the PC, not effects.
To me, effects are external influences that affect creatures or objects or other effects, not inherent properties of a given creature.
Acid has an Effect. A spell has an Effect. A magical item has an Effect (but if you take the magical item away, it no longer affects the creature). So, a Girdle of Strength has a magical Effect on the creature wearing it, but his strength bonus is not an Effect on his weapon damage. True, it adds to weapon damage. But, a PCs strength bonus is not an effect.