This effect was generated in Filter Forge, a Photoshop plugin that allows you to create your own filters.
Contrasting desaturation with saturation can help emphasize parts of an image...
This filter (de)saturates parts of an image using a tone curve on the H,S or Y channel to make the opacity mask. (And if you check the View Curve box, you'll see the curve's properties.)
You can also blur the remaining colors. But at first, it may be good to set the Blur Colors to 0 for faster speeds.
You can then re-adjust the remaining colors with Hue and Saturation controls.
(BTW, it's hard to see what this does with the presets beacuse of the lifesaver image's lack of variety in color and luminosity.)
This filter uses ideas from other people's filters, so thanks to:
Ken, Richard Bartlett, uberzev, Quasimondo, and Lucato.
selective partial saturate saturation desaturate desaturation color bleed blur sepia fade