Thanks tsantee! I took your advice and found this in a GarageBand tutorial as well, so in case anyone else had the same giant ? flashing in neon over their heads, this may help.
GarageBand Tutorial: Built-in Audio Units Effects
In the long run, I have surmised that, unless you have some crazy-go-nuts stuff you want to pull off, the only generally useful audio unit effect is the Graphic EQ.
Oh, and another thing to those new to the Toast Titanium app, to access the "Gain" controls to adjust the track volume in Audio CDs (so familiar to those of us who used Jam) you must go into Preferences, click on Audio/Video tab, go to the bottom of the Audio section and click the "Show advanced audio mastering settings" button. This will turn on your Gain column.
Am I missing something or does the Toast manual not even address the Preferences window?