The setting for "Text UI Font Size" only affects the font size of Text when using the "Type Tool" it doesn't affect the size of the menu or toolbar font size.
That's actually not accurate.
The UI font size setting affects most of the panels and dialogs in Photoshop, but just not the main menu bar.
Make sure you close and restart Photoshop after making the change.
I'm all for adjustable sizing in some of the UI panels as well. Changing the Interface prefs UI Text Size helps a bit but it's mainly in other areas that things are difficult to read on hi res large displays. I have my resolutions set as high as possible on all four of my displays to maximize screen real estate and spread out all of my panels. At this size and resolution, some things get pretty small. I have noticed that with the new UI in CS6 some of this stuff has improved quite a bit. Illustrator is the one that's most difficult to see UI elements in, such as the icons in the presets panels like Styles, Gradients, Swatches, Patterns, and Symbols. They are so small, even at the largest size, that I usually can't even tell what they are.
In PS6, most panels and icons are pretty legible now and not hard to read, but if I could have one wish today it would be that the icons and UI Text were adjustable individually. When I change the UI text to Large, everything get's large globally across the UI. Kind of defeats the purpose for high resolution graphics cards and displays in regards to screen space. Setting UI Text to small works great for me but then icons in panels are too small. If I could set the size of the icons to large and the UI text to tiny, I would have the perfect UI workspace.
I know that's a lot to ask. I'm not complaining about the PS6 UI at all. In fact, I am very happy with it. I'm just dreaming of my perfect world!
Illustrator, on the other hand, needs work. But that's for another forum.