Another Pseudo 3D Effect (Click the image to see it bigger)
Played around a bit, and ended up creating another pseudo 3D effect, this time using the Inner Shadow and Drop Shadow to create a nice, soft look. Read on for more info on how it was created as well as to be able to download the style file to experiment with.
Pseudo 3D Effect
Drop Shadow settings
To get a nice solid outline the Spread is set to 100%, the Blend Mode is set to Normal to make the color more predictable (as it has to line up with the Inner Shadow it's important that they're the same exact color). The Angle is set opposite to the Angle of the Inner Shadow (and before anyone comes and tells me it's off by a few degrees: I've set it visually ;-), remember to uncheck Use Global Light on at least one of the shadows so you're able to set it individually.
Inner Shadow settings
Again, I've used the same rationale for the Blend Mode, Color, and for that matter Opacity, as above. The Angle is set opposite the Angle of the Drop Shadow. The Choke is set to a relatively low value to give the "inner" side of the letters a nice rounded effect, and the Size is likewise set to a value that makes the shadow soft.