We already discussed the Graphicfuel’s work. Rafi designed this freebie as well. By the way, Bender text effect is really best paper cut-out text effect that you must save at design library.
Using this best text effect, you can easily transform your normal text into stylish paper cut-out dimension with subtle shadows behind to make it looks realistic. Come with smart-object layers so you can add your own text and modify the effects at your will.