This is a simple effect I figured out by accident one day... and I've used it many times since.
Not only does it work on text, but other objects. Take a look at my walk through, and try to get creative with this idea.

Here is what I start out with:


Then I some simple effects to my text... basic layer styles. Stroke, color overlay and some bevel. All you really need for this effect is the stoke to be different from your main font color.

Here are the settings I used:




This is what I ended up with:


Next comes the "3D Effect"... it's really really simple.

1. Hold "ALT"
2. Press the up arrow one (1) time.
3. Release "ALT"
4. Press the left arrow one (1) time.

The result is this:


If we repeat those steps a few more times we get this:


Now we have some 3D styled text.

You can then combine those layers and add some more effects
... like a web 2.0-ish stroke:


Resulting in something like:


Or you can add some burn effect, some dropshadow, a smaller stroke, etc... just get creative:



Btw... you can link to this tutorial by using:
http://tts4.com/text3d/

NOTE:
tts4.com/3dtext as seen in the images above doesn't work...
sorry about that, instead please link with http://tts4.com/text3d/