Yes, the larger "O-Zone" type holes definitely "dirty" up the sound and add some bite and trash. They usually make the cymbal quicker to react and quicker to decay (not as much metal). Also, and this seems counterintuitive, but it also makes the cymbal louder. I was talking to Greg Zeller from Sabian about it, and he explained it to me but I can't really remember why. I do remember him saying that their 21" AA Holy China is the loudest cymbal they make.
So it is not just cosmetic at all, it definitely affects the sound. My favorite of these newer effects cymbals is the Wuhan Linear Smash. They make a 16" and 18". They are normal cymbals (not chinas) that are very thin and have a slight downward flange at the edge from where the holes stop. Sounds exactly like it's supposed to! Best of all, it's inexpensive! Why pay for a K. Zildjian or A. Custom EFX crash when it's going to sound dirty and trashy anyway?
To me, these effect cymbals sound a whole lot better if they are thin. Otherwise, they sound clanky and unpleasing (Like the B8 and XS 20 Sabian Ozone Models). I have used this cymbal on lighter rock and greasy funk type gigs, and it sounds great. Certainly not your typical crash sound, but very pleasing and blends in with the music. Very Stanton Moore-ish. His trash crashes sound terrible by themselves, but within the context of the band they sound great!