Yep. Effexor is the new Prozac (ie 'wonder drug')
What is meant to be good about this one is that it treats both anxiety and depression (and these are often found to be correlated)

It does need to be started gradually, however, or it can make your anxiety worse. Same regarding stopping taking it too. Many people find they need a gradual taper indeed or they get the anxiety (along with the nausea, headaches, brain zaps etc)