It's driving me crazy to click on that little F at the bottom of the layers palette, or navigating through submenus, to get at layer styles. I looked through the keyboard shortcuts window, but didn't see this option under either the application menu or the palette menus.
Help me Obi-wans. Or more properly I suspect, Obis-wan. Surely there's something I'm missing?!
Hi! I was just wondering the same thing, and I figured it out!
Select the layer with the desired effects, press the following:
(not together!) Alt, l, y, c
then select the layer you want the effect applied to then press Alt, l, y, p. Quick and Easy....:D