It is a distortion effect, that much I know. I'm one of a billion guitar players in the world, but I know overdrive/distortion when I hear it. I'm sure other bass players here at metaltabs will be able to provide you more info how to zero in on your desired tone.

BTW, I love this video too. Anyone notice the Megadeth parody... "*remote to the head* Wenala, wenala, wenala, wenala, wenala, wenala, wenala, wenala, wenala, wenala, what do you think of that, Blawhahahahaa"

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