[sbuk]

Photoshop is hardly a beacon of software done right. In my experience (been using Photoshop pretty much everyday since 1991) it has got considerably more bloated and unstable with each release, the exception perhaps being 5.5.

The benefit that Photoshop has is familiarity and Adobe's pricing structure is that of an abusive monopoly - they know they can charge as much as they do because they have a monopoly. This monopoly was earned in large part because early on, Photoshop was the most accessible app.round about 5.0 Adobe started to get sloppy.

I've started using Pixelmator for about half the image work I do on the Mac and IMHO it represents excellent value for money. It works like Photoshop used to do. It's lacking some feature, mainly the ability to work in colour channels, but for the price, it's hard to beat.

[mkup]

Also there's Paint.NET on PC. It's fast, not bloated with useless functions (yet), and freeware. I've switched to it from Photoshop a few months ago and never regret my decision.

[WickyNilliams]

I recently switched over to mac and was saddened to discover there wasn't any viable open source alternative to GIMP a la Paint.NET. GIMP is functional, but barely usable. Paint.NET on the other hand is great, on top of all the things you mention, it also has quite a good UI with some interesting features.

[bad_user]

Gimp has the ability to work with color channels. Try it out.