There are other types of frames that can be selected as well. The classic frames are premade and don't have all the options of the other types. The edge frames are quite versatile and useful. The edge can be colored with the same variety of options as the 2D and 3D frames and the canvas color and shadow can be selected the same way.
If you uncheck the box next to Photo edge, you will get a cutout effect with no color on the edge. This is particularly effective with black and white or sepia toned photos.
You can also use them as a quick mask. Here Photo edge is deselected and the canvas is black.
The Magic frames have a lot of semi transparent effects. Play around with the various combinations. Here is one Magic frame example:
A number of new premade frames have been added to PI5 as well as a few masks which are accessible from the frame maker. Here is a bouquet masked with one of them with just a few clicks.