Logo Design Question (technique)

How would I create effect in the word 'PLANET'? I tried messing around, but can't seem to figure it out!

Also, any comments on this logo would be appreciated!

uhm, which effect are you trying to do?
That might help if you say that.
I like the word planet but the sterling is a bit too boring somehow?

to make the effect as seen on planet:

1.Take your text, then use the circle selection tool to the needed area of your text selected (ctrl + click text layer to select just the words, then use Intersect with selection w/ the circle tool to get just that part of the letters).
2.Then take your selection and fill it with whatever you want
3.To make the whitespace between in the letters, use the same selection you had earlier, goto Select>Modify>Border and put in the size you want toe white space to be, then simply hit ctrl+x to cut out the selection and create the whitespace

there ya go, should work