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thats just a polygon box floating in space but the shader isn't rendering anything that's below a certain colour intensity threshold in this case
"cutting" around the letters so you can see the planet between the letters.
i reckon using this on some double sided polygons would make a great (although wafer thin) neon sign.
I've uploaded it here, http://www.box.net/shared/ja5374870y although it's in a pretty useless state at the moment - it's using the crappy scrolling uv method i used in my billboard shader to illuminate the B A R sign letters which looks really awful, what it needs is something like in ahrumans shader where it transisions from one frame to the next, i've had a go at copying his code into the shader with some odd results and as soon as i can get it working properly i'll post it up here. although this version could be used to provide lights running along landing strips, docking bay walls etc.