Excerpt from Letter Design in the Graphic Arts, by Mortimer Leach
This is very rarely seen these days. Even as Hand Lettering is somewhat trendy at the moment, the lettering is still being largely relegated to a single visual line height. What I mean is, even if the lettering is along a curve, its a constant curve throughout the word.
I would say few do it when hand lettering and almost none do it when setting type on Desktop Publishing software or for web.
Why has the bounce and tumble gone not just away but for all intent purposes not even a part of the typography language anymore (you won't find a wikipedia entrance of it for example).