Define "effective"!
If you're using an alkaline developer (most are, but not all) then an acid stop bath will stop the development in its tracks. Well, pretty much. And it will keep the fixer acid (assuming its an acid fixer, most are). So the arguments for a stop bath are rapid termination of development, to aid consistency, and longer life for the fixer.
On the other hand, in the time it takes to pour in the wash, shake it about and pour it out, replacing it with fixer, not a lot will have happened. Unless your developing times are very short, the extra time will be negligible.
Viewed this way, the only purpose of the stop bath is to prevent adding developer to the fixer that you'll be reusing.
I'd say that in practice, it makes very little actual difference. There could be a counter argument to using an acid stop between alkaline developer and acid fixer in that by using water you're reducing the effect of a rapid change in pH. The Film Developing Cookbook (well worth reading cover to cover) has comments on this when looking at working in a completely acid or alkaline environment.