The problem I always had with the original warp effect is that it was ambiguous. I was never sure exactly what the intent was. Was the ship suppose to be actually transparent or was this just a cheap way to illustrate an intentionally ambiguous technology?The problem with the original depiction of the ship going to warp to get to Talos IV was that it was SO different from how warp was depicted later, it just didn't fit, but them CHANGING it in the name of "remastering" has left me torn.
I thought, without any supporting evidence to back me up, that the effect was intended to demonstrate an actual change caused by the warp engines ... consider that the production crew had no previous work to go by except perhaps for movies such as Forbidden Planet in which dropping out of superluminal velocities required retreat into some sort of stasis chamber. I think what we saw in The Cage was an attempt to demonstrate a similar process, but with more benign consequences for the crew. They didn't need to retreat into a protective container, but still something dramatic happened when they used the warp engines.