Sark! Your apparently simple question will end up altering the way I use Photoshop in the future!
Further thoughts from Bruce Fraser on the issue of TIFF vs Photoshop.
" It's partly that TIFF does everything PSD does with a smaller file, but...
I grew up in the school where PSD was Photoshop's private format. Marketing idiots decided that it would be a good idea to allow people to put PSDs in other applications, giving rise to the myth that those other applications understood PSD (most of them don't?they just read the flattened composite, which is what all the Maximize Compatibility nonsense is about).
As a result, the Photoshop team basically lost control of the PSD format, so it's now the worst of two worlds?it's a proprietary, significantly undocumented format with none of the benefits of a proprietary, significantly undocumented format. (I doubt they'll make the same mistake with PSB.)
Aside from file size, the advantage of TIFF is that it's documented and widely-supported. Well-constructed TIFF readers should be able to ignore anything in the file that they don't understand and just read the flattened composite that every TIFF contains, so 100 years from now the file should still be readable (though I'm not really under the delusion that anyone will want to). So apart from the file size benefit, my use of TIFF is also a (very) small political statement. That's not a reason for anyone else to use it, but the openness and the smaller file sizes are."
My conclusion is that I'm going to stop using Photoshop's .psd file format and switch to layered TIFFs for my workflow. It's a very unexpected change but I've also just read that Chris Cox has hinted that .psd may go away altogether in the future.