I received a request from the forum for this effect from one of our Members living in Japan. This is a technique that is all the rage over there. Not knowing what is effect is called, I decided to dub it the "Anime Bead" effect. Enjoy!
Create a new document
Create some text. (I used Planet Kosmos at 50 points)
Ctrl/Cmd+Click on the texts' layer thumbnail to load the selection
Enter 5 pixels and click ok
The selection should now look like this
With the selection still active create a new layer and name it beads
Go to the Paths Palette
Click the top right arrow and choose "Make Work Path" from the fly out menu
Enter a setting of 0.5 (The minimum allowed)
We have now made a path out of the selection
Prepare the brush...
Choose White as your foreground color
Select the Brush tool from the Toolbox
Open the brushes palette
Turn off all the boxes on the left
Choose a 10 Pixel hard brush
Set the spacing to 105% (This will make a dotted line)
Click on the Stroke path button as shown
The path will now be stroked with white dots.
Click in the blank area of the paths palette (Below the work path) to turn off the path
Go back to the layers palette
You should now have something like this
Click the little "f" at the bottom of the layers palette to add a layer style
Choose bevel and emboss and use the settings shown
Choose inner shadow and use the shown settings
Click Ok to apply the style.
At this point we have a problem. The text is a bit small for the beads (There is a gap showing)
Increase the size of the text to compensate, the edge of the text should line up with the beads
Add a layer style to the text. Apply a default drop shadow and a Bevel as shown
In this variation, I repeated the step and expanded by 10 pixels to create a second ring of beads. I also enhanced it a bit with some sparkles.
For more cool techniques like this on an easy to follow video format check out Photoshop Secrets Special FX photoshopCD.com