If you import a Photoshop file that has layers with styles, the styles will import as nested compositions called Layer Effects Comps .
The good news:
You can animate some layer styles without a problem.
The bad news:
Some layer styles are unsupported.
If you change the text in AE, the styles will not update.
All the Layer Effects Comps have the same name on import and it is time consuming to figure out which effects comps apply to what layer.