This might be a bug (if confirmed I will post to the bug tracker) or perhaps it's just user error.
I found that if I apply a CCRipple3D effect on a child node and move the parent (while the ripple effect is running) - the child node does not move to follow the parent node. (This is true for scaling, moving etc..) Is this the intended functionality?
I should note that the child node will move following the parent node, if the ripple effect is running on the parent node. The ripples themselves don't move to follow the parent node however (while moving the parent node).
This can be reproduced from the current 2.0 bleeding edge git repo by a couple simple modifications to the tests\EffectsTest TextLayer class.