The J2 effect is the largest perturbation of a satellite orbit from a simple elliptical orbit, caused by the earth not being a point mass but an oblate spheroid.
The J2 effect is significant for satellites in low earth orbit (LEO) and medium earth orbit (MEO), affecting the longitude of a satellite's crossing of the equatorial plane.
J2 coefficients, particularly for Earth, show that the J2 effect is small in magnitude but has a notable impact on satellite orbits, with Mars and Neptune having larger J2 values.
The J2 effect serves as the first refinement in accounting for factors beyond the assumptions of the two-body problem in satellite orbit calculations.