Thanks guys, this only happens in one psd file.. for example, i can open any other or a new one and the fonts/sizes are normal.
Here is someone talking about the exact same thing i'm talking about - i've only found 2 places with someone talking about it.
http://forums.macworld.com/thread/83998
It's looking like it has to have something to do with settings in Photoshop changing for that document.
I opened a new doc, copied all the layers to that doc and the font size (its claimed size) is back to normal.
I'm still kinda curious how this happens and where the settings are to stop it. It happens often if i have big documents