Something that I’ve gotten excited about lately is Photoshop 3D. You can create simple 3D graphics, turn images into 3D objects, import 3D models from other applications, access a pre-built library of materials, and render using the Mercury Graphics Engine for raytracing. Enough stuff to constitute a run-on sentence!
The most exciting thing for me, however, is the ability to texture models using 3D projection painting, which allows you to texture models in 3D space and see the texture being applied as you work. Of course, you still have the ability to paint on the UV-map if you choose, and Photoshop makes this easy and simple to do, whether you’re painting diffuse, specular, bump, or transparency maps.
To learn more, you can check out my tutorials below.