While that is a start there are still numerous problems.
1. Where is the install script? I guess someone was too lazy to include:
mv layerfx.2.8.py.txt layerfx.2.8.py
chmod u+x layerfx.2.8.py
cp layerfx.2.8.py ~/Library/Application Support/GIMP/2.8/plug-ins/
2. Why isn't this functionality a plugin and not native to GIMP like Photoshop??? Proof that the GIMP devs are out of touch with reality.
3. Importing PSD files with Layer Effects are still broken.