Dinesh, I have a solution for you, but it will require Photoshop CS 6 Extended or preferably, Photoshop CC. First, you'll need your vector artwork for the Man Of Steel logo. I grabbed (copy to pasteboard) mine from within Abduzeedo's source files for the following tutorial:
I created a new document in Photoshop then made a rounded rectangle (vector shape) and then pasted the "S" logo as a shape layer...
I'd then right-click on the shape layer and at the bottom of the list choose Make 3D Extrusion from Layer. You can also use the 3D panel for the conversion.
Next merge the two 3D layers.
You'll need to position the "S" logo in front of the rounded rectangle after merging as the extrusion of the "S" logo isn't as deep as the rounded rectangle extrusion.
Your scene should look something like this (which infinite light selected):
Select and move the Infinite light to give the "S" logo the long shadow.
I next removed the materials/textures from the extrusions shapes and changed the diffuse to the red and blue. I also added a bevel to the "S" logo, adjusted the lighting and rendered:
Here's another example just moving the light.
Remember that this is all CG and no raster data (until the final rendering), so you can change the "S" logo (edit source and edit the path), play with bevels, materials and textures, lighting and light shape/color and whatever else you'd like till you're happy with it. You can also change the image size without loosing detail, you'll just need to render the 3D layer. I hope this helps. Cheers and good luck!