The easiest way to accomplish the offset effect is to duplicate the type, nudge it right and down (usually an equal increment), send it down one level, then color it white. Repeat the process and color the duplicate the shadow color.

If you're working on a non-white background, simply use the white copy to trim the shadow copy.

There's a slightly easier method: Duplicate the type and nudge it in the desired direction (as oldnick suggested) but instead of filling it white and duplicating again, leave the shadow whatever colour you want it to be and simply give the top type a white stroke. (It works best if you outline the type and apply the stroke to the outside of the path, leaving the type design unaffected by the stroke.)

Yves Peters also gives a great tutorial on an engraved effect here, which also discusses the shadow effect.