[EDIT] Wow, incredible timing, zeus. I bet it didn't take you a day and a half to figure that out, like it took me

[/EDIT]
Alright, I figured it out! First you create a tag which represents an effect:
<mx:SeriesInterpolate id="dataEffect" duration="1000" minimumElementDuration="200" elementOffset="0" />
Then you can set a few effect attributes, like the 'showDataEffect':
<mx:ColumnSeries showDataEffect="dataEffect" xField="date" displayName="{dataDisplayName}" yField="{dataField}"/>
...mxml is weird, but that's some sweet, flashy, goodness! I can't imagine what went into making the Flex class library/framework.