I was wondering if anyone knew how i could recreate the text effect as used in the James Bond: Quantum of Solace opening credits:
With a lot of patience and manual work. As Steve said, there is no simple recipe. You can create contours from text layers by using Layer --> Create Outlines, but how you take it from there is pretty much up to you. Simple reveals like on the E's ends can easily be done with a linear wipe, more complex drawing will require different approaches. It also hinges a lot on what typeface you use and how you plan on using it. If you need to use the same effect multiple times, it may go as far as pre-composing each letter and animating it in order to create an animated alphabet from which you can then assemble any text you need.
Taking a quick look I think you could duplicate the effect by using the shapes layer as a track matte for the text then animating the shapes to produce the wipe effect. There doesn't appear to be any morphing going on, just a clever shape wipe.
This would take 2 copies of your shape layer and 2 copies of your text. The motion in the text is nothing more than position and kerning transformations.