I used the Instagram Lo-Fi filter a lot and wonder how I can reproduce the effect in Photoshop...
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2I think this kind of effect falls under on-topic here (it's a post-processing effect, after all), and we've got plenty of "how do I do this photo effect in this program" questions already, don't we? – mattdm Apr 19 '12 at 3:04
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(As I understand the previous conversation, it's the questions like "how do I work the layers dialog" or "how do I configure keyboard shortcuts" which are off-topic, along with questions that fit better on the Graphic Design site.) – mattdm Apr 19 '12 at 3:14
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1niksoftware.com/colorefexpro/usa/index.php?view=intro/… is probably what you're looking for. – John Cavan Apr 19 '12 at 3:58
You will find lots of Instagram filters as Photoshop Action, created by Daniel Box. They are good and really useful :)
http://dbox.tumblr.com/post/5426249009/instagram-filters-as-photoshop-actions
This looks to me like just a contrast boost and slight desaturation. Try duplicating the background layer, setting the Layer Mode to Overlay, then using a Hue/Saturation adjustment layer, drop the saturation a little.
If this produces blown highlights, you can either lower the opacity of the Overlay layer, or instead use a Levels adjustment and bring the left-most (black) point in to the centre more.