With Photoshop 6 and higher, you can get some similar effects using the Warp Text feature (Layer menu > Type > Warp Text) then adding layer styles, either custom or preset.
But I personally find Typestyler (3rd party product) easier and more flexible. The interface is a little dry - but it has lots of presets for quick and dirty stuff, while remaining totally customizable. Once you're done, it will export as layered Photoshop file so you can bring it into Photoshop and modifiy it as you see fit and incorporate with the rest of your design. Other export options available,too (Illustrator, JPEG, transparent GIF, etc.)
Disadvantage of using a 3rd party program is that the text you bring into Photoshop will not be editable - it comes in as pixels, and if you want to change it, you have to go back to the Typestyler file, make your change, and bring it in again. Whereas text created with Warp Text and Layer Styles in Photoshop will still be editable.