It can be in too many moves but it can be done.
Notation:
To show a position I will display the glasses horizontally, with the bottom at the right. The three strings represent the glass content from top to bottom.
Available empty space is represented by a -.
So we want to go from
ENJOY ----- THIS
to
----- ENJOY THIS
A sequence of moves is noted as number pairs, the source and destination glasses. For instance we could do the sequence 32 13 32:
ENJOY ----- THIS
ENJOY -SIHT ----
----Y -SIHT OJNE
----Y OSIHT -JNE
The solution involves a few steps.
Preparation:
First we free the 3rd glass with the move 32.
ENJOY ----- THIS
ENJOY -SIHT ----
If we manage to reverse the 'ENJOY' without disturbinb the 'SIHT', we can finish by transferring these to glasses 3 and 2 in the correct orientation.
First we define two move sequences:
Sequence A: 13 12 31 21:
ENJOY -SIHT ----
----Y -SIHT OJNE
----- YSIHT OJNE
-ENJO YSIHT ----
YENJO -SIHT ----
Sequence B: 13 32 31 21:
ENJOY -SIHT ----
----Y -SIHT OJNE
----Y OSIHT -JNE
-ENJY OSIHT ----
OENJY -SIHT ----
Sequence A rotates the 5 letters of the first glass.
'ENJOY' becomes 'YENJO'.
Sequence B rotates only the first 4 letters of the first glass.
'ENJOY' becomes 'OENJY'. These two sequences can be combined to reverse the word 'ENJOY'.
Combination:
After the initial move, we execute the sequences: B B A B A B A A.
This affects the letter in the following way. Each line is the result of one sequence A or B.
ENJOY -SIHT ----
OENJY -SIHT ----
JOENY -SIHT ----
YJOEN -SIHT ----
EYJON -SIHT ----
NEYJO -SIHT ----
JNEYO -SIHT ----
OJNEY -SIHT ----
YOJNE -SIHT ----
Final:
As I said in the preparation, the final moves are just 23 12:
YOJNE -SIHT ----
YOJNE ----- THIS
----- ENJOY THIS
The number of moves is 1 for the preparation, 8x4 = 32 for the sequence of sequences, and 2 more final moves. That makes 35 moves in total.
But I am pretty sure it can be done in fewer moves.
Update
A computer search returns solutions in 27 steps as 2012rcampion has found in the meantime.
It happens that one solution can be expressed using my A and B sequences.
If you do B A B A B B after the initial move, the effect is:
ENJOY -SIHT ----
OENJY -SIHT ----
YOENJ -SIHT ----
NYOEJ -SIHT ----
JNYOE -SIHT ----
OJNYE -SIHT ----
YOJNE -SIHT ----
Using this you get a solution with 1 + 6x4 + 2 = 27 moves.