Routing, what you do is hook your ouboard and whatever else you'd want (console channels, auxes, busses, tape ins and outs, whathaveyou) to the back of the bay and on the front there are open jack patch points. You use short little patch cords and can route any input/output in the studio to any other just with a short little 1' cable, meaning you can patch various piece of gear together with one central bay rather than having to go behind pieces of equipment to patch your signal chains together. It's the way studios with a fair bit of gear route all their ins and outs without having to hunt around behind racks of gear or run long mic cables between rooms. You end up with a couple more connection points between pieces of gear which isn't ideal and it's more cabling to buy, but it simplifies your routing and makes patching much more convenient.
In my studio where we're recording commercially in a co-op environment (several of us engineers pooled our gear together into one big shared studio), we have lots of console channels, lots of outboard, several different recorders and a couple tracking rooms all to connect to together...our bay has over 400 patch points that can be connected together, and that's without every single thing in the studio wired to it...can you imagine routing all that without the patch bay!
Here's a little reading, hope I didn't open a can of worms, probably not too necessary for a smaller setup, just thinking out loud
http://www.tweakheadz.com/patchbay_setup.html
Thinking about your setup, if you have a 20ch console with inserts, 8 busses, a couple auxes, a 16 track recorder, a 4 track recorder, and a few pieces of outboard, you could easily fill up a couple 48-point patch bays and then some with what you have...but of course...whether it would be overtly worthwhile or advantageous to you is an entirely different matter...if you're recording in the same room as most of your gear, and if you're not using all that many channels at one time, or much outboard at one time, it's not really all that necessary, and probably an unnecessary complication in your studio which looks nice and tidy and simple...but when you mentioned adding more effects, I started thinking about your signal routing...I probably should keep my mouth shut but I've had waaay too much coffee today hehe
