I use clip FX on most things… occasionally I’ll use track effects, but not very often. Track effects are sometimes used if I’m trying to create an artificial fade from reverb being cut off too early, etc. I can put a bunch of clips on a track, and use a track reverb. The montage master is useful to have, although I don’t use it very often because I prefer to customize all effects on a per-song/clip basis.
I use the master section constantly… along with the input plugin so I can monitor incoming audio and adjust effects in the master section. When I’m satisfied, I capture/record the track into the montage, and then drag the effects from the master section into the clip section for the new clip.
I guess every type of effect has it’s place. Wavelab is so versatile in that regard…