They are installed in the vft_plug folder in the VideoStudio program folder. I don't know the path where they are installed in Windows 7, but in Windows XP they are installed in:
C:\Program Files\Corel\Corel VideoStudio Ultimate X5\vft_plug
You must add the path during NewBlueFx installation. It will not automatically install into X5 unless you enter the full path. Only X4 is automatic.
Also remember that X5 comes with some NewBlueFX already. If you install the trial, you could possibly end up with double those effects in your FX library. The effects have the same friendly name, but the names of the files are different on your hard drive. I had to delete the duplicates from my hard drive, then rebuild the "ulvft.dat" file in VideoStudio:
C:\Documents and Settings\Kingston\Application Data\Ulead Systems\Corel VideoStudio Pro\15.0\en-US\ulvft.dat
To rebuild the ulvft.dat file, I rename the existing one to "ulvft.dat.old", then started VideoStudio. It takes a while for the new file to be rebuilt. You will see a progress bar as it is being rebuilt.
MotionStudio 3D 1.0; Corel VideoStudio Pro 126.96.36.199 (Ultimate)(Discs), Corel PaintShop Pro 188.8.131.52 (Download)