OK, let me take a shot at this........ (reminder, this is just one way to do this)
I created my frames one by one in layers.
Here's the layers pallet. There are two text layers, two star layers, and a BG.
Notice that I only have the BG layer and the first star layer turned on.
[ATTACH]42232[/ATTACH]
My next step is to open my timeline and click create frame animation.
I get one frame that consists of my BG and the first star.
[ATTACH]42233[/ATTACH]
Next I'm going to click the "add frame" icon at the bottom of the timeline window.
In my layers pallet, I will turn on the first text layer.
[ATTACH]42235[/ATTACH]
[ATTACH]42234[/ATTACH]
Again I will add a new frame.
This time I will click off the first star layer.
Click off the first text layer.
Click on the second star layer.
[ATTACH]42236[/ATTACH]
[ATTACH]42237[/ATTACH]
Again, add a new frame....
Click on the second text layer.
[ATTACH]42238[/ATTACH]
[ATTACH]42239[/ATTACH]
All that's left to do is adjust the timing and animate!
[ATTACH]42240[/ATTACH]
Down load this GIF and open it in Photoshop and you can see what I did.
Good luck.