The current way I teach text in Photoshop goes through the tools and then talks about it's limitations, and why InDesign is the better program for large blocks of text. While this is all true, and gets a lot of information across, there's a more advanced way of teaching text, that begins with the basic tools-then talks about applying those tools with a Swiss approach to design to show how basic tools can create powerful results.
Examples of Swiss Design are collected brilliantly over at Smashing magazine, with further links to the fundamentals of Understanding Grid Based Design. Pile that on top of learning a couple dozen fonts, and then later a couple hundred, and you're in good shape.
Once that's shown, it's a matter of moving on to examples that play with the type, using it as masks or even as building blocks for other illustrative elements as Harmonie-intérieure does an excellent job of.
These lessons are still in the works, but I wanted to link to the sources and show the genius of inspiration of what's to come.