Step 1:  Create a new 200 by 100px document and fill the background with black. Then use the horizontal type tool to create a white-coloured word of your choice. In my example I've used the 'CalvinItal' font at size 140. Don't worry if you don't have this particular typeface - just select something with a curvy look (It will show off the effect to its fullest potential).

Step 2:  With the text layer selected, select Layer > Layer Style > Bevel and Emboss from the application menu and duplicate the settings opposite. Using this screen you can vastly alter the look of the whole effect.  Just adjust the highlight and shadow modes and see what you can come up with!

NB. From this point onwards, if an option isn't displayed in the examples to the left, just leave it at PS default.

Step 3:  Without leaving the layer effects dialog, go to the Drop Shadow section and enter these settings.

Step 4:  Complete the soft look by going into the Stroke section and entering in these settings.  This will give it a cel-shaded outline that also helps the text show up against light backgrounds.

Step 5:  Now press OK to exit the layer effects dialog and admire your work! Of course, its probably a good idea to change the black background to something more appropriate (we only used black so the white text would show up in the first step).

Variations:  Et voila - a simple soft bevel effect created with the minimum of hassle.  Of course, its possible to apply this style to interfaces too.  Just have a play around - its often surprising how such a simple effect can be so powerful.