I would agree with the statement that PSP is good for something quick and simple. It loads faster than PS. Sometimes, when I'm working on web graphics, I'll find myself opening it and closing it constantly to tweak an image here and there.
However, if I'm doing something that needs to be more "professional" looking. PS has what it takes to get any job done. I'll actually do a bit of editing in both sometimes. Some features of PSP are just easier to use than PS's.
The latest version of PSP is actually quite nice....
Oh and btw, it does have a lens flare
