I used this effect on the text in my subculture creative review front cover to create a cool and majestic look on the text.
To do this all i did was create the text with a cool font that i thought that would look nice when i put the text into perspective. Then i rasterise the text layer and then i went into free transform by clicking ctrl + T or cmd + T and then right click on the free transform and clicked on perspective. After that i then played around with the corners of the free transform tool to create a cool perspective that would work and suit the image.
Here is another example of me using the perspective tool:
Personally i think this works most of the time depending on what angle you are wanting the text to be in.