Effect used?

It's a cross between a light leak and a film jumping off the runners. Easy enough to film the leak leaks yourself, shoot in a dark room with a single source of light and take the lens off your camera whilst pointing at the light. Then use blending modes to overlay the footage to mask the transition.

Alternatively you can look at Luca's light leaks and film fx, http://www.lucavisualfx.com/
 
Looks like a light leak clip superimposed. There are many packages of these ranging from Genarts Sapphire to Luca Film FX Transitions (http://www.lucavisualfx.com/clips.htm), or you can make your own by sneaking the lens off a DSLR while it's recording and waving a light at it. Here's a post with a clip you can download and use (with some colour adjustment to shift it to yellow/orange, if that's your thing):

http://jesserosten.com/2011/light-leaks-have-some
 
Ah, drat - got distracted on the phone and didn't click 'post' until now. Sorry, Calomile, you got there before me!
 
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