The effects of ether are similar to getting very, very drunk, very quickly. Some people get mild hallucinations as they are rendered thorougly insensible from the ether... it's an anesthetic that switches your brain off, so it can make you 'dream', in a way. It doesn't last very long though. Maybe 15, 30 minutes at most.
If you're going to do ether you should be aware of a few things. First, ether boils at about 35C, and body temperature is 37C. That means the primary way it leaves your body is via the lungs and skin as a vapour. So you'll smell like ether for a good 6-12 hours after a session. This is instantly noticable because people will think you smell like a petrol station or like you've been eating markers as soon as you're within speaking distance, even if you don't smell it... your nose gets desensitised quickly.
Second, ether is flammable, moreso than gasoline and has an autoignition temperature of 160 C (this is not made any easier to deal with due to its extreme volatility), so you have to be careful not to expose ether vapours to spark or flame. The vapour is heavier than air and can collect on the floor and cause explosions or fires if you're not careful.
Third, as ether evaporates it causes the temperature to drop (latent heat of evaporation), which means that if you're smelling it off a rag you could get frostbitten, even in temperate climates. So be careful.
Fourth, ether can form peroxide compounds that are explosive if it doesn't have antioxidant added (BHT is common). For this reason it's stored in dark glass bottles, and it's recommended you don't store it for lonng... 6 months to a year maximum.
Ether is relatively non-toxic, because it is much less easily metabolised than alcohol it has a lower incidence of hangovers, etc. But of course, long term and regular consumption of ether is probably unwise.
You can also use it to take oily gunk off of stuff, or dissolve glues, or, y'know, as a solvent.
