There is an option for this. Press the "ESC" button and go to the "game" tab. Next, uncheck "Show damage effects on HUD". After, you shouldn't have the effects anymore.
[EDIT: You can't disable certain effects such as hitting an explosion, nitronome effects, etc.]
How does one go about disabling them? I've tried turning off "render effects" in the advanced video settings, and even setting my graphics to low.
And thank goodness I don't run with many Nitronome users.
Edit: Tried the damage effects option too. Still shaking like a Polaroid pictcha.
As far as i know there is no current way to disable these effects. Adding the options would be a good idea for those with less powerful systems.
At least keep the mouse pointer in sync with the shaking.
Seems strange that a graphical effect should make anyone facing left or right to wiggle about.
There were a lot of complaints about the red screen effects and shaking that came with the pet update. You can disable it now. I don't think there is any way to disable all shakes, a Nitronome blast will always make your screen do a backflip.