I am sorry for effect naming(!) but i couldn't decide the what is correct one for it, but you can see the example image below.
What is the most effective way to achieve this result with CS5?
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It appears to simply be an optical illusion created by the gradients used as well as a few curved lines on the arrow.
easy way to create this img would be to
create a layer fill-it with black. apply white gradient select out a oval. (save selection) select inverse cut it out.
Creating the bottom most layer is the same process but its gradient is very slight. You can start with that layer if you wish and work your way up.
and then you need to create that little red triangle which is just cutting out 3 circles of different sizes from a layer that's all red. (and is also not part of this question but just i case you want to copy this img layout i add it in)