Currently a call to GetEffects() returns an empty list for any mob or another player that I select. I.e., the code:
local target = Turbine.Gameplay.LocalPlayer:GetInstance():GetTarget();
if(target ~= nil) then
  Turbine.Shell.WriteLine("Number of effects on selected target: " .. target:GetEffects():GetCount());
shows 0 effects UNLESS I have myself selected as a target, in which case it works as expected.

It looks like a bug or an incomplete implementation. Exposing the effects via Lua would allow a number of nice extensions, ranging from custom-made target's vitals to raising alarms in response to certain effects appearing on raid bosses.

Is this the way it's supposed to work? Should we expect the list of target's effects to become accessible via Lua?