Very frustrating. None of the above answers seem to work for me. I've got a layer of rasterised black text, with an orange outer glow that has a blend mode with Hard Light that is also translucent, showing the the layer beneath. -Ultimately creating a firey glow that looks great, but when the layer is merged or rasterised (with the effects), it looks awful. Only thing I can suggest is going outside of Photoshop, and using the screen grab tool, then copying and pasting that [flat] image back into the Photoshop project. I'm sure there's another way, but I don't know it.