Simple one this but my first attempt
Adapted from an Illustrator tutorial I spotted somewhere and thought it may be of use to someone.....

1: Create the ribbon and place some text over the top


2: Select the text and transform to a path (Shift+Ctrl+C)


3: Now (with all of the text still selected) break them apart (Shift+Ctrl+K)


4: Select all of the text letters and centre pieces (just ones with centre pieces eg. A, O etc)


5: Path --> Difference to cut out the centres (Ctrl+-)


6: To finish, select every 2nd letter and Lower the selection to bottom (end)



Should be something like this (but better )


Could make this better by weaving inside O's etc but think you get the general idea. Hope someone found it vaguelly useful!

Nice effect, The_JinJ. Thanks for sharing.