Ok - so this is old news - version 15.08 released 19th of August 2015.

https://kdenlive.org/discover/15.08.0

But this release looks really exciting

This is a major release containing many changes to the core source, in an effort to cleanup the code.

Major changes

* New file format. Kdenlive can open older project files, but older Kdenlive versions cannot open the new file format.
* Drop SDL support for monitor display, we now use OpenGL - should be supported on all fairly recent computers.
* Improved UI for color correction effects (Sop/Sat)
* It is now possible to add an effect to a Bin clip (formerly known as project tree clip) by dropping the effect on the clip. The effect will then be applied to all instances of this clip in timeline, mostly useful for color correction.
* Effect Preview: Clip monitor now has an option to "Compare effect" displaying a customizable split screen to see the clip with and without effect

I have question - I have installed this version but can not see how to remove an effect from a bin clip once it is applied. Am I missing something?

Well that is strange. Now when I play with this I can easily see how to remove the effect from a bin clip. But before the list of effects on the bin clip was not visible for deletion.
Working now though.