This effect was generated in Filter Forge, a Photoshop plugin that allows you to create your own filters.
A high-pass filter is used cut-out the detail (ie: interesting) part of the photograph and then makes this float over a background with a shadow effect.
You can "protect" an area around the detail by tuning the "smooth" parameter.
Obliterate controls how much of the detail you want to preserve.
The shadow height (blurriness) and direction (offset left/right) can be adjusted.
The background can be a matte colour, but alternatively, you can let the original blurred photograph show through.
Cut-out, detail, float, shadow.
This filter has earned its author one of our rewards. They are given to the authors of popular filters and include a free copy of Filter Forge.