There is a tutorial on Splitcoast Stampers on how to do the Faux Letterpress. Very easy to do and very easy to get elegant results. Here's my first attempt.
I used Tim Holtz Crushed Olive Distress Ink. The Embossing folder is from Paper Studio and can be found at Hobby Lobby. The Spellbinders die is Lacy Squares.
The border paper punch is Martha Stewart Arch Lattice Border punch. Stamp is from SU Elegant Greetings.
I liked this technique so much that I decided the matching envelope would make it even better. I also did this in five other colors. This is an easy technique and would be great to used when making multiple cards.