In this tutorial you will create good looking 3D text by using motion blur in Photoshop. This tutorial works not only with text, but with other shapes(See Example). Try different settings and you will have a lot of interesting outcomes.

Create a new image of any size you want. It depends on how big you want your letters to be. Then make a new layer(Ctrl+Shift+N), choose Horizontal Type Mask Tool() and type any text you want. As a result you get an outline of text selected.

Choose the color you want for the outline of your text as Foreground Color. Go to Edit -> Stroke and set up how thick the stroke should be. Be sure to check Center or Outside to get as much clear area in the middle as possible.

Now we need to make the text look like it has perspective. To make it go to Edit -> Transform -> Perspective and change its appearance to something similar as shown on the picture to the left.

After you have transformed the text, copy the layer (Layer -> Duplicate Layer) 2 times. Set the opacity of the very bottom level to be equal to 54%.

Choose the Move Tool() and move the bottom layers to the left and then to the bottom by using arrow keys on the keyboard. When moving the middle layer, try to place it half way between the top one and the bottom one.

Apply Motion Blur (Filter -> Blur -> Motion) to the middle layer. The settings may vary depending on the size and placement of text. But the point is to make it look like the connection between the two text layers. Try different angles, because the angle is the most important setting at this stage.

Your the text should look similar to the one on the left. If you want to make the connection between text layers, copy (Layer -> Duplicate Layer) the blured layer several times. (For my picture I duplicated it twice).