I'm not doing any high-end Photoshopping here, and I'm also only running Adobe Photoshop CS, rather than the latest and greatest, but so far, Photoshop is running fine in Rosetta. It's like running it on a G4. No big hiccups. I'm running it off of an external image of my old laptop's drive, and it's chugging along nicely. I did the graphic for the TV Squad Lost Podcast (which will be live later today) in Photoshop and have attached that image to this post.

Side note: we also recorded the entire podcast using Gizmo Project running via Rosetta for the audio and I simply used Quicktime with the MPEG-2 plug-in to play the episode of Lost that I grabbed off of my ReplayTV using mReplay (another program running in Rosetta). As we chatted and played the video, so that we'd be synced up with the show, I recorded all the audio in via my iMac's built in Mic, directly into Garageband. I'm editing it now and adding more screenshots that I am Photoshopping into the podcast for enhanced goodness. Check back mid afternoon for the podcast over at TV Squad to see how such a "Made on a Mac with Intel Inside" workflow sounds.

Update: Here's a link to the TV Squad podcast post.