I don't know what happened to my first post, but it didn't get in. So I'll try again. I took Effexor briefly a few years ago in hopes it would stop me putting on weight. Did nothing for the weight loss or depression. It did cause my blood pressure to go up so I had to stop taking it. It also caused permanent changes in my dreams and heinous withdrawal symptoms ("brain shivers"). I would never touch the stuff again.
It is usually prescribed to people who get no benefit from other antidepressants and some people swear by it. I would recommend going to the boards on WebMD where there is discussion of treatment and drugs for depression. Incidentally, SeraFem is just a form of Prozac, so if you couldn't tolerate that, you probably won't tolerate Effexor. Good luck in whatever you choose to do.