There should definitely be a graphics setting to tone these effects down. I can understand why there isn't one yet, as only a handful of people had looked at the effects for a lengthy period of time, but I'd love to have such an option by the next update or two.

In addition to the lag that almost any lighting or glow effect can cause because FFXI is coded weird, the constant motion of the auras bothers some people on a physical level. That's really not okay. I get that it wasn't foreseeable, but still, totally not cool.