A heat exchanger effectiveness of 0.5 indicates that it is not 50% efficient in thermal energy transfer, but rather measures its ability to exchange temperatures. Despite the effectiveness value, the conservation of energy principle ensures that energy lost on one side is gained on the other, implying 100% efficiency in energy transfer. A perfect counterflow heat exchanger can ideally swap temperatures between two fluids, while a 50% effective exchanger would yield intermediate temperatures. When selecting a heat exchanger, incorporating a safety factor by choosing a unit with slightly higher capacity than the calculated Q is advisable, depending on the application. Understanding these concepts is crucial for optimizing heat exchanger efficiency.