Playing with gold fills.

Oh-NO red & black!

All work (even the shadowing) done in Corel Draw 12 the only exception was the bevel effect on the medalion/fan, I used the trial version of Corel Draw X3 for that. The only time I used Photoshop was to use the save for web command.
Rudy,
Yes I like X3 so far, I'll be putting it through its paces for the next 14 days! I have used Corel Draw since V.1 and have never bought back-to-back upgrades, but I like this one.

Easy-peasy on the background effect.

1. Draw squiggly lines.
2. Add Dropshadow effects to lines & grouped copy.
3. Mix well. 

Here are the steps, hope it makes sense.

Here are the panel parts.
I haven't figured a better cheat to mask the outer drop shadow but you get the idea it's all in the layer order.

The highlight steps.

1. Inline contour the original text.
2. Duplicate and offset the contour layer.
3. Trim.
4. Place trimmed onto the original text.
Voila!

OK, I've had a few emails asking for a better explanation of the logo portion so hopefully this shows a little more clearly the steps involved.