Well that depends. If you don't go to OBJECT>EXPAND APPEARANCE, then the effect will still be applied. If the effect is still applied, you can go into your Appearance panel and turn it off (or delete it altogether), and the effect will disappear. See below...

<http://s399.photobucket.com/albums/pp72/ksimp84/?action=view&current=after.jpg>

<http://s399.photobucket.com/albums/pp72/ksimp84/?action=view&current=before.jpg>