Python, 233 231 225 224 205 chars
Candidate for the shortest python solution here :-)
It is a two-liner - last line was broken in 3 for urrrr readability
s=raw_input()
for i in range(5):print' '.join(''.join((' ',c)[ord(
'W_E__U__QQ_QN_UQ_EA_Q]_D_Q_QYQ__D[_PP_B__F__Q__EG_Y__EZWU]A_A_P_OPO_\\_QNQWT_YUS'
[max(0,3*ord(c)-192-k)])>>i&1]for k in(2,1,0))for c in s)
ps. Thanks for comments, corrected issues and now using 7-bit ASCII only!
Test banner:
TTT H H EEE QQQ U U III CCC K K BBB RR OOO W W N N FFF OOO X X JJJ U U M M PPP SSS OOO V V EEE RR TTT H H EEE L AAA ZZZ Y Y DD OOO GGG !!!
T H H E Q Q U U I C K K B B R R O O W W NNN F O O X J U U MMM P P S O O V V E R R T H H E L A A Z Y Y D D O O G !!!
T HHH EE Q Q U U I C KK BBB RR O O WWW NNN FF O O X J U U M M PPP SSS O O V V EE RR T HHH EE L AAA Z YYY D D O O G G !!!
T H H E QQQ U U I C K K B B R R O O WWW N N F O O X J J U U M M P S O O V V E R R T H H E L A A Z Y D D O O G G
T H H EEE QQQ UUU III CCC K K BBB R R OOO WWW N N F OOO X X JJJ UUU M M P SSS OOO V EEE R R T H H EEE LLL A A ZZZ YYY DD OOO GGG !!!
