This effect is created by adding two layers below the layer to which
the effect is being applied. One is a shadow layer, with a blend mode
of Multiply, the other is a highlight layer with a blend mode of Screen.
Both have opacities of 75 %.
Here is what the effect looks like, extracted
from the image at the bottom of the page, against the background layer.
I don’t find this to be a convincing effect at all. Look at it closely.
It looks just like a drop shadow. See the main
Bevel and Emboss page for a detailed look at the settings you
can vary when applying this effect.
And here is the Layers palette after the effect was deconstructed by choosing Layer > Layer Style > Create Layers.
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