Live Photoshop 3D is a feature that allows loading 3D layers in Photoshop into Adobe After Effects. It’s costly in terms of performance and now outdated by plug-ins such as Element 3D and AtomKraft and the new 3D tools in CS6, but it can be an option if these tools are unavailable. Note however, that this feature has been removed in CS6.
These are some tutorials that briefly explain how to bring in 3D Photoshop documents and work with them.
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.