How to use with colorbox?

Colorbox formatters (the settings on the "manage display" page for fields) allow to choose any image style that has been defined as either image style or target image style.

I guess that insert works (or should work) the same.

Note: this question does not belong here, but in the issue queue for either image or colorbox (or insert). This module is just about defining effects that are part of an image style.