A couple of shots that I applied a basic tilt shift effect to in Final Cut X. I wish I actually had a shot I could time-lapse to really see what it's like.
Use the following:
Command R - speed up your shot 4x
Command 6 - Lift your saturation
Command 5 - Add Gaussian Blur, amount 15, horizontal and vertical 100
Option and drag footage onto another layer, duplicating it in the process
Select top layer only
Add Effect - Keying select mask and adjust the 4 corners
Adjust feather to +15 and roundness to 50
Remove blur on top layer