Bevel / emboss help - can anyone guide me?

OK ps newbie here. I was going through one of the turtorials on the teamps.com site.

Here it is:
http://www.teamphotoshop.com/photoshop/tutorials/techniques/pmetal_6/pmetal_6.php

The effect I'm talking about is the text on the bottom. I can't seem to figure out the bevel/emboss settings to duplicate it. Kinda looks like the "t" is sunk into the sphere...

i think it is inner shadow, thats just a guess tho

Another way is to make the text, duplicate it, change the color and just shift it one pixel down and to the right.

or left, if you want it to come out. Well - depends which angle the lighting is. :|