*SPOILER ALERT*
Apparently, in the new EGM's preview of ED, they talk about some of the insanity effects, such as the game saying "Please Insert Controller into socket 1" when it really is, or suddenly being sent to the boot-up screen. Stuff like that.
Also, I read somewhere that one of the insanity effects makes it seem as if your TV's been turned off.
You know what'd be really cool as an insanity effect? It probably isn't possible, but it'd be awesome if your GC would just turn off, and then as youi'd go to check on it, i'd turn on again and bring you back to your spot in the game.
/me is very excited about ED.
*END SPOILERS*