To all of you Adobe Photoshop Pros out there, it is without any argument that there is nothing like Adobe Photoshop for photos and continuous tone images, but don’t kid yourself into thinking it’s for everything.
When Adobe Photoshop is used for setting type it becomes inevitable that your file will be flattened (usually sooner than later) and your type now becomes part of your image. Once this happens ..
Once this happens the type cannot be edited and becomes part of your dot based image, therefore becoming impossible to read. This is true especially if you plan on printing your file at any point in time.
The best thing to always do is to use Adobe Photoshop for all of your images and then import your images into any page program (I recommend Adobe Indesign or even Adobe Illustrator). Then export to a final PDF. The PDF can always be easily converted to a jpg or png for web use, but you will always be left with high quality workers that can be altered or printed from. In the long run, you will save yourself many headaches.