Text effects are just text effects. The best typography in all the world uses none. People just like to add pezzazz but adding text effects to bad typography still makes it typography and vice versa, the effects are really a non-entity (which is why I always say they're unecessary).
Bad: http://mrgraphicsguy.deviantart.com/art/Beauty-81735735
Bad: http://boss13055.deviantart.com/art/...g-you-49295069
Bad: http://MrBadger.deviantart.com/art/The-Gift-v2-71979058
Diabolical: http://mushir.deviantart.com/art/hug-149697502
Good: http://xyphid.deviantart.com/art/RANT-118243244
Awful: http://ehmaysink.deviantart.com/art/words-61017225
oh god, oh god no more: http://ValiskofDarknes.deviantart.co...aphy-152939674
Good: http://BK1LL3R.deviantart.com/art/Wa...ands-123461604
Good: http://mrgraphicsguy.deviantart.com/...-Hate-49002246
Good: http://il6amo7a-Q8.deviantart.com/ar...HEART-83540632
Good, but the effects ruin it: http://gaLrcka.deviantart.com/art/Ro...llow-120035307
Making the baby jesus cry: http://kit-t.deviantart.com/art/Mode...rnism-44558166
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Perfect: http://static.dezeen.com/uploads/2007/06/you-cant.jpg
Perfect: http://designobserver.com/images/features/Barnbrook.jpg
Awesome: http://williamdixon.files.wordpress..../gillsans.jpeg
Good: http://behance.vo.llnwd.net/profiles...1254935023.jpg
Good: http://behance.vo.llnwd.net/profiles...1263847300.jpg
Excellent: http://behance.vo.llnwd.net/profiles...1263788061.jpg
If you notice, none of them (all of them beneath the line are from Industry Professionals) use text effects simply because they don't need to.
Do research! I cannot stress this enough. If you don't know anything about famous typographers you'll never be any good at typography. Look up:
The rule givers:
Eric Gill
Eric Spiekermann
Herbert Bayer
Derek Berdsall
Mathew Carter
Adrian Frutiger
Jonathan Hoefler
Paul Renner
The Rule Breakers:
David Carson
Edward Fella
Jeff Keedy
Stefan Sagmeister
Jonathan Barnbrook
Michael Worthington
Phil Baines
Alan Kitching
Vince Frost
Barry Deck
Nevill Brody