The traditional Amiga formats will work - ILBM, 8SVX, SMUS. I don't think it supports datatypes.
It doesn't support datatypes but it does support AREXX ports so if you want to use an external music player like HippoPlayer for playing music modules, you can do that.
The palette cycling effects are supported but buggy. I've gotten better results by making a regular IFF Anim5 with a different palette for each frame than I did using a traditional-style color cycle image. The Anim player complains a little bit about a non-standard format but plays it back fine.
Also, not all effects support AGA on AmigaVision. It was designed with Kickstart 2.x in mind when it was designed since Kickstart and Workbench 3.0 were just released at the same time AmigaVision Pro was.