This one is a distortion effect similar to looking at someone through rippled glass or through water. It's the sort of thing you could use in dream sequences, for alien vision, or for looking out through the windows of a space suit. There are parameters that allow you to control the degree of distortion - turned up high, you get a strange fuzzy mess, or turned down low, you get something more like heat haze. Here it is with two different settings.
Usual disclaimers apply: this is really early dev code, not representative of final quality, and we don't have a release date for it.