Stock image site Shutterstock offers a helpful and in-depth tutorial for creating a realistic letter press effect on your digital images using Photoshop. I've seen several of these over the past few years, and this is, by far, the most effective and paper-texture like tutorial yet. It even has a technique for making embossed, non-inked designs, one of the hallmarks of great letterpress prints.
The tutorial uses a combo of inner shadow and bevel and embossing in addition to real paper textures to get the look just right. The effect really comes through on the blues of the waves and the palm trees, and I'm excited to spend some time with this to really nail down the process for making graphics and images for use on the web. Excellent job, and definitely worth checking out.
Letterpress Effect Tutorial: A Summertime Digital Craft Project [Shutterstock Blog]