Pornography

[Aureus]

I've heard that ejaculation is a waste of our spiritual energy.

Expends some red energy. So will unground you a bit and make you a bit more tired. However, 2-3 times a week I'd say is a moderate amount. If you don't release the pressure, eventually your body will on its own. Never ejaculating won't turn you into superman.

What effect could the actual porn have on the psyche/spiritual energy centers?

Activates almost exclusively orange ray. So if you constantly think about sex, your orange ray will be constantly overactive, causing imbalance.

And is it that different than sex or plain masturbation?

Depends what kind of relationship you have to your partner.. and what types of fantasies you have.. But the orange part is a constant.