Anthony Goubard (of Ant Commander fame) has released Decoration 1.0. It's an interesting Java-based application for graphical designers that makes it easy to apply all sorts of effects (100+) to graphics and text, including gradients, drop shadows, glow, etc.
What makes it attractive for professional use is that it supports a batch mode, for processing hundreds (or more?) of images sequentially.
For more information check out the screenshots section or the gallery.