This way technically uses an effect but it is only a transform affect. The trype is then dynamic, meaning that you only have to edit the type once rather than editing 2 different layers of type or paths of type.

1. Select the type you want to edit.
2. click “control /” in windows or “cmd /” on mac
3. Now look in your appearence pallet. What you should now see is that you now have a stroke and a fill above your characters.
4. Drag the stroke below the fill. and make sure the stroke is transparent.
5. Grab the fill and copy it by dragging it don to the new fill icon. You will have 2 fills for your text.
6. Select the bottom fill and change the color to to whatever color you would like to use for your highlight.
7. With the bottom fill still selected go up to the menu and click “effect>>distort and transform>> transform”
8. Click the preview button so you can see what you are doing
9. Change the “Move Vertical” to a negative value”

Now you can edit your text dynamically

http://www.programmando.net/2007/08/28/mac-style-menu-con-photoshop/