I have PSP7 and PS7. Most everything that can be done in PSP can be done in PS. Maybe not as easy, but it'll probably look quite a bit better. The only problems I had with PS7, was when I was starting out and learning the key commands, and how to use some of the effects.
The layout is more confusing in the beginning, but once you get used to it, you'll probably like it a great deal better. The layers pallete for example is much better than the PSP one.
Also, any plug-in filters that can be used with PSP, can be used with PS. I have Eyecandy 400, for example, installed on both programs.
The only a few things I wish Photoshopshop had. The tubes. I really liked to mess around with the tubes in Paintshop Pro. I also liked how you had fully editable text, that you could see, before it was put onto the image. You can do the same with PS, but in a roundabout way, that is quite a bit harder.
Anyway, if you need tutorials for Photoshop (great way to learn, that's how I did it), check out this link. There's quite a few websites listed here that have some good tutorials, and then there are a few dead links...
Cleeko-cleeko