photoshop is a great program... i have 7.0... buthte most recent version is 8.0(CS). Its really good for creating banners, graphics, and even website layouts... once u learn it... its really fun to use..
I started out in PS Elements 2.0 and never looked back. I than went out and got 7.0 and I absolutly love it. You can do ANYTHING with photoshop if you set your mind to it and take the time to learn it.
Yea, i think photoshop is a great program.. I use it alot just to make awkward graphics and such. I dont know of any that are better than photoshop.. but yea definately buy it if you have the money..