"Merge with familiar" and ongoing effects - how do these interact?

[FiddlersGreen]

Merge with familiar

Merge with familiar wrote:

While merged, your familiar can't be targeted or affected by any means (including ongoing effects).

If the familiar cannot be "affected by any means (including ongoing effects)", how does that interact with the durations of ongoing effects?

For example:
Round 1: Familiar is hasted for 7 rounds and hit with an acid arrow that will burn for 3 more rounds.
Round 2 and round 3: Familiar's master merges the familiar with himself.

When the familiar emerges in round 4, is he:
1. Still hasted for 7 rounds and due to take 3 rounds of acid arrow damage?
2. Hasted for 5 rounds and due to take 1 more round of acid arrow damage?
3. No more haste or acid damage at all?

[Cevah]

The effect still occurs, but has no affect while merged.
If merged for two rounds, then the ongoing effects occur for two rounds with no affect. When unmerged, the remaining ongoing effect occurs.

/cevah

[zainale]

other then saving your familiars life what is the worth of this spell?

[Dustin Heaton]

Potentially saving your familiars life is a good feature, but it also lets you sneak your familiar places that it wouldn't normally be able to go. That's particularly useful with improved familiars. For example, Imps and Quasits aren't going to be welcome just anywhere.

[FiddlersGreen]

Getting my familiar out of the AoE of a cloudkill or saving her from nasty ongoing effects is pretty valuable to me. I like to keep my familiars alive.