guitar effects like modulations and delays should work fine.
drive pedals are the biggest culprit, and often cut alot of low end. some guitar pedals work very very well with bass however, such as the zvex box of rock and earthbound audio effects supercollider.
wahs and filters may not work well because the effect may be sensitive/respond to different frequencies than what is desired.
compressors work as effectively on bass as on the guitar. but on bass however, and this goes for every other effect for that matter, you want the same effect to behave differently on bass than on guitar. simply because guitar and bass effects are implemented in different ways. some guitarists like their distortion thick and saturated, whereas bassists would prefer theirs to be nasty and wide open.
so IN SHORT: it depends on the effect and the application. just ask the dudes who use the DS-1 on the bass.
