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If you've selected your effect or motion path in the Properties panel, right-clicked and selected Save Preset, that preset effect should be available in the My Presets folder in every one of your projects, Roy.
Thanks for your reply. Unforturnately the effects are not available in My Presets folder in any project that I open or create. So I have to import the exported ".prfpset" everytime. From what you are saying, the My Presets folder automatically becomes part of Premiere (and not only a project). Looks like I have a defect in Premiere or did something to unset an option to save.
I tried to "repair" with PE4's setup but that did not resolve the problem. I had to uninstall PE4 with the setup, manually delete PE files from Program Files, Documents & Settings, and registry entries before re-installing. Finally the My Presets automatically saves.
Sorry, Roy. I'm not sure why it doesn't work for you.