We've had a few requests lately for making embossed text, so I've written up a quick tutorial. Comments welcome
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Note that I have the darkest text moved up and to the left (and the lightest down and to the right) because the reason I made this is for someone who needs the text at a 45 degree angle. For horizontal text, I would probably put the darkest text down and to the right, while the lightest I would put up and to the left.
A lot variations to this are possible, by tweaking colors and shades or tones (sorry, I'm a little confused with technical terms regarding color); blurring; and positioning of light and dark text.
Have fun

Edit
Actually, now that I think about it, this is probably more like engraved font. But by changing the placement of the lightest and darkest text, it could be made to look embossed as well.