First up you need to create your background. I find that a background colour that's either a lot brighter or a lot darker than your text works best. To really make the text stand out I gave it a spotlight effect by selecting Filter>Render>Lighting Effects. I kept the default settings the same but changed the selector shape like below.
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Next you need to add your text. Tiny text or very thin text won't work well with this text style. I used the lobster font. I used grey as it stands out well against the background.
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Go to Layer>Layer Styles>Inner Shadow.
Now apply the settings as seen in the image below.
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Next click on Drop Shadow (left hand side of Layer Styles palette)
Apply the settings as seen below.
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Next navigate to the Gradient Overlay options.
Apply settings as I've demonstrated below.
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Voila you should now have created something similar to this.
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