I was fighting with this same problem, and the case is to remove all dynamic filters like: drop shadow, round corners, inner glow, all of those (effects from apperance panel) must be rasterized or you can use an "expand apperance" option.
For "drop shadow" for example "expand apperance" is no enough, because after this illustrator makes transparency mask, so rasterization is the only way. After removing all this stuff, export to psd is quite clear with editable text and all elements keeps separated layers.
Now with that knowledge if you design web pages in illustrator like I do, is good to design all flat elements with text in illustrator then export to psd (without fighting with apperance filters), and all effects like drop shadows, glows etc. add in photoshop. Easy, but all YOU web guys should use illustrator please, it's easier to design, files are smaller, and export or slicing options are the same as in psd, illustrator has pixel grid and raster preview !!!! ,so why the hell you still work in psd only
cheers