Start out with some plain white text and a black background. Duplicate your text layer so that you have two copies

Rasterize your first text layer by right clicking your text tool and choosing "rasterize..." Now choose Filter > Blur > Radial Blur. Choose 100% and zoom motion.

Create a new layer in between your two text layers. Change the layer type to color, and create a gradient with whatever two colors you would like to use. I chose two shades of blue.

Create a new layer above both your text layers. Control click your preserved text layer so that you have a clean selection, and fill the text with a white - light-blue (or whatever color your using) reflected gradient.

Add a drop shadow do your text by creating another layer below the one you just created. This time fill your selection with a dark version of your color, and position in 2 pixels to the bottom and 2 pixels to the right of your original test position.

To get a nice background, and to intensify the depth of your text, you can replace your black background layer with another gradient.

Here is how mine turned out!