Arching Text

You can use the Create Warped Text on text layers. With the text highlighted or while making the text layer selected look on the tool options bar.

There are a couple of different ways to do this. You can set two lines of type and then use a warp style like fish, or you can do each line on a separate layer and apply a different arc style to each (use the same one but set to a negative value in the settings for the other).

Or you can use something like Text on custom shape or text on selection.

See this mini-tutorial:

http://forums.adobe.com/thread/905180

Ken