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Looks like an animation in Image Ready. The text could be skewed and rotated with the Transform tool, with some tweening between the frames.
There are plenty of basic animation tutorials on the web, along with tutorials for skewing text with the Transform tool.
As MsOz points out it could have been done in ImageReady with a 3D text but it might very well have been done in Xara3D5. http://www.xara.com/products/xara3d/ That would be odd because I am finishing up a review of Xara3D5! It should be up in a day or two. In the meantime, here is a GIF I made for a friend who was after a forum signature (not here). I used Vertigo 3D's HotTEXT, a Photoshop plugin, and ImageReady.
I agree that it was done in Xara3D. It uses the tell-tale effect of "always keep face forward"; i.e. spin but don't revrse the text/object. That's a Xara3D animation option.
I agree that it was done in Xara3D. It uses the tell-tale effect of "always keep face forward"; i.e. spin but don't revrse the text/object. That's a Xara3D animation option.
You know, I looked for that too, but came to the visual conclusion that it was doing a 360? spin, rather than Xara's 180-270? option (which I don't really like). Hmmmm... \:]
spinning 3d text 
Linear Mode
