A new embedded digital watermark capability is an added bonus. This digital signature, which does not appear when the image is printed or displayed online, provides authorship information and helps protect against unauthorized reproduction of your image. And when you apply multiple transformations this way, Photoshop resamples your image only once, thus better preserving the original image quality. Most of these filters are identical to those in Gallery Effects, which was bundled with Photoshop 3. You are still limited to a single undo, although the new Layers approach to Photoshop almost makes up for that limitation.
Floaters are now non-existent.
And I still miss them. Although Adjustment Layers is a pretty keen feature, I don't understand why Adobe couldn't include a filter layer for individual image layers. And yes, I know I mentioned this earlier, but one of the most disappointing aspects of this upgrade is the changes to the keyboard commands and shortcuts. There is nothing more frustrating than being well-versed in a program and then being required to practically start from scratch. Once you adjust to the fact that you will require a substantial investment of time in order to adapt to this upgrade, Photoshop 4 is well worth the effort.