The short, correct answer (as given above) is, "no". However, one can kinda-sorta somewhat soften the bas relief effect by simply applying a series of Gaussian Blurs to the image, interspersing between each a "levels" adjustment layer to spread apart the histogram just squished by each of the Gaussian blur operations.
There is some actual image processing theory behind this. The bas relief effect is generated by something close to a Laplacian operator acting on the original image. This operator looks at the difference between a central pixel and all the pixels around it out to some range. This suppresses the spatial low frequency components of the image and accentuates high frequency spatial components in the image to give the very flattened effect that the OP posted. Running the bas relief version through a series of spatial low pass filters (eg, a Gaussian blur) is, generally speaking, the inverse of this process and adds a bit of depth back to the image, assuming the gods are smiling on you. ;-)
Unfortunately, there are many, many complications that prevent one from performing a good inversion, not the least of which is that we don't know exactly what algorithm was used to generate the bas relief version. That being said, at least the image can be sorta moved in the right direction with some simple tools native to PS.
Cheers,
Tom M