I'd love to know why so many people think that PS is so great. I've tried it, tried to sit down and force myself to go thru everything, and aside from a few little neat tricks it offers, PSP is better by miles. The only invaluable thing it offers is the way you can see the alpha layer on top of the image (in red, at least for PS 7.0.1). For any type of artwork, any skinning, details, effects, noise, anything you wanna do, PSP blows PS away.
Like I said, if someone could make a list of effects or combinations that they use that makes this proggie so great, I'd love to hear it. But for me, hands down PSP rules (aside from that crappy 24-bit TGA limitation).