btw, tried it your-ish way: cutting out the letters (bit different: white background, typing (another layer), FIRST select letters with SHIFT-magic wand, THEN merge the two layers (other way around gave crappy results somehow, found this out by accident), then hit delete)
-> more selecting letters, less inverting stuff
anyway, dont see a difference really in this case, due to dark background ofc
=> will make this thread a photoshop thread
and Jon will get annoyed by it being in this board and move it to the right board ^^