I've been looking for this Photoshop shortcut for ages, after seeing it in action during a Phlearn vimeo video.
The shortcut basically copies all selected layers in photoshop, merges them, and pastes the merged layers back as a single layer.
The APPLE shortcut for this is:
Apple + Alt + Shift + E
The PC / Windows equivalent is:
CTRL + ATL + E
Remember to selected the layers that you want to "Copy, Merge, Paste" prior to using the shortcut action.