The line in the sand between vector and bitmap images still exists, but the new version of Photoshop blurs it a little. But just as you adapt to a different set of options when you switch to Illustrator, you'll eventually learn which tools you can use in Photoshop. Text looks supersharp at any size. You cannot export graphics as Illustrator or EPS files, but Illustrator will recognize vector objects saved as Photoshop files. With Photoshop 6.0, text is easier to implement, too.
Text remains editable so long as it is in vector format.
A new text warping feature does a great job of molding text around part of an object, but you can't write text on a path. For example, you can't draw a meandering line across the page and make text adhere to that line. You can add bevels, drop shadows, and many other swell effects to both text and vector objects, but most of them require you to use a huge dialog box that obscures almost half the screen. Perhaps to help accommodate the increased number of tools, Photoshop 6.0's tweaked interface presents options in a horizontal bar across the top of the screen. You can move the bar around the screen, and the options change depending on the tool you've selected.