How to create the Moonwalk effect
Step 1: Watch the movie

The moonwalk is real and it took my many years of growing up under the MJ reign to master this (although I did this particular dance move on concret with lots of friction and so it could be better if done on a real dance floor), but the glowing shoe effect is something I did in After Effects. The soles of the shoe are actually rotoscoped just like a light saber would be, only I left the color as white to match the shoes. You might also notice the quick lense flare effect when the sole of the left shoe rubs against the ground.

Check out the light saber tutorial or read up on how to rotoscope

Or just watch the Michael Jackson Dance Video that this short clip comes from.