The current workspace effect "highlight mouse" pointer works and indeed helps finding the mouse. However, to use it for more than just quickly find the mouse pointer it's too distracting with it's moving 3/4 circles. If we had something like a shaded semi transparent circle around the mouse in order, we could use it as a tool to highlight the mouse pointer during productive work, e.g. let someone else follow the mouse more easily.
I not necessarily meant to replace it, but to have an alternative, which is less distracting. The current one may have the advantage that by it's moving parts really catches the attention and the dark/bright circle makes it visible on both bright/dark backgrounds.