Step 1.
Create a new 250X250 pixel document. Create any bright texture or good-looking background. Now type a text on it and duplicate the text layer ("Layer 1 copy") (apply Layer > Duplicate Layer...).
Step 2.
Go to "Layer 1" on the layers palette and rasterize it (apply Layer > Rasterize > Layer). Then apply Filter > Blur > Radial Blur with the following settings: Amount->100; Blur Method->Zoom; Quality->Best.
Step 3.
Now apply Filter > Pixelate > Mosaic with the following settings: Cell Size->12 square.
Step 4.
Apply Filter > Sharpen > Sharpen image and if you want you can add shadow. And that's it.
