TEAM LIFE
Chess Player: Ash Ketchum from Pokemon
Connor - Assassin's Creed 3 - King's Rook
Sora - Kingdom Hearts II - King's Knight
Korra - Legend of Korra - King's Bishop
Young Link - Legend of Zelda: Majora's Mask - King
Erza Scarlet - Fairy Tail - Queen
Lavi - D. Grey Man - Queen's Bishop
Lightning - Final Fantasy XIII - Queen's Knight
Kirito - Sword Art Online - Queen's Rook
Edward - Cowboy Bebop - KR Pawn
Kyo - Fruits Basket - KK Pawn
Chie Satonaka - Persona 4 - KB Pawn
America - Axis Powers: Hetalia - King's Pawn
Rin Okumura - Ao No Exorcist - Queen's Pawn
Flint - Pokemon - QB Pawn
Ryoga Hibiki - Ranma 1/2 - QK Pawn
Madoka Kaname - Puella Magi Madoka Magica - QR Pawn
TEAM SPIRIT/SUPERNATURAL
Chess Player: Alucard from Hellsing
Soshi Miketsukami - Inu X Boku SS - KR Pawn
Lord Rosiel - Angel Sanctuary - KK Pawn
Kotaro - Negima - KB Pawn
Skull Kid - The Legend of Zelda: Majora's Mask - King's Pawn
Enma Ai - Hell Girl - Queen's Pawn
Soul Evans - Soul Eater - QB Pawn
Grell Sutcliff - Black Butler - QK Pawn
Zenki - Zenki - QR Pawn
Haku - Spirited Away - King's Rook
Urahara Kisuke - Bleach - King's Knight
Youko Kurama - Yu Yu Hakusho - King's Bishop
Ghirahim - Legend of Zelda; Skyward Sword - King
Charlotte - Puella Magi Madoka Magica - Queen
Hiei - Yu Yu Hakusho - Queen's Bishop
Lancer - Fate/Zero - Queen's Knight
Amaterasu - Okami - Queen's Rook
Team Sit In the Corner and Sulk (SITCAS)
Canada - Axis Powers: Hetalia
Mokuba - Yu-Gi-Oh!
Uchiha Sasuke - Naruto Shippuden
Tamaki Suoh - Ouran High School Host Club
Volkner - Pokemon
Hosts:
Dean Winchester - Supernatural: The Animation
Iskandar/Rider - Fate/Zero
As to effectiveness? I'll leave that for all of you to decide.