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To copy all effects from one layer to another, drag the topmost "layer" (labelled Effects) and drop it onto the desired layer. To copy an individual effect, drag-and-drop only the appropriately named effect (e.g. Drop Shadow). Note that dragging-and-dropping all effects at once (via the Effects "layer") will replace any existing effects on the destination layer, but dragging-and-dropping individual effects will add them to the destination layer. To add to the effects of the active layer (or to combine styles), Shift-click on the desired styles in the Styles palette. Alternatively, copy the desired style by choosing Layer, Layer Style, Copy Layer Style and then, while holding the Alt key, choose Layer, Layer Style, Paste Layer Style from the menus.
You can also delete a layer style or effect by dragging it onto the trash icon at the bottom of the Layers palette.
Very cool, Gauss! I always forget about the drag & drop trick, especially useful when you only want to copy one effect, not an entire style. Thanks for reminding me.
A different way to copy layer styles 
Linear Mode
