Copying effects and settings from one clip to another is easy with FCPX's "Paste Attributes" feature (added in version 10.0.6).
Select a clip in your timeline that has effects and/or settings that you wish to copy and press Command-C.
Then select the clip(s) you want to apply the effects and/or settings to in the timeline & press Command-Shift-V to "Paste Attributes".
Then select which attributes from the copied clip that you want to add (paste) to the other clip(s).
This is one of our favorite new features in FCP 10.0.6.