HOW TO CREATE SMOOTH BEVELED TEXT

Start out with a basic RGB image with white as the foreground color and black as the background color. Make sure that your image's background is solid black. Now, type whatever text, and before deselecting it, save the selection (Select/Save Selection) Now deselect the text, and blur the image (Filter/Blur/Gaussian Blur) with a radius of about 2.5 pixels. Now offset the text slightly (Filter/Other/Offset), about 2 down, 2 over. Now, load the selection that you saved (Select/Load Selection) and adjust the levels to make it dark (Image/Adjust/Levels)
If you want this colored, just mess around with the saturation (Image/ Adjust/ Hue/Saturation) until you find settings that you like.

ALTERNATE:

For another neat text effect, do the same thing as above, but with the colors switched (i.e., white background, black text) and then invert the resulting file, and you'll get something like this:

which is slightly different from the above image.

ANOTHER NEAT TEXT EFFECT

Start out as above, with black background and white foreground. Now, type the text, save the selection, deselect. Now, offset about 8, 8 and load the selection. Now, invert what's inside the selection and you should see something like the image below.

But that's not all! (Although it is a pretty darn neat effect) With the magic wand, select one of the white parts. Now, select all the white bits by selecting Similar (Select/Similar). Now contract the selection about 2 pixels (Select/Modify/Contract) and invert, and you should see something like the image below.