I use this script to one of my template project Avalance in themeforest. I put it in the first home to make stunning welcome text effect and impressing my visitors and buyer, if you sell a template like me, this free jquery effect can be great additional feature on your template.
The good news, is that this is not only free, but you are also free to includes in your project and product to be re-sold. I think it is better that you check this free jquery text effect by your self, explaining with words here will not be enough.
Hope this short article helps you.