I say its extremely annoying.
With PSP you can tell that the real users of it have had a lot more say in its design. A lot of it is simple stuff, for example, after you make a selection, the move tool is selected by default. In PSP if you magic wand a certain color and hit delete it is filled with transparency, PS fills it with the background color. Making a simple straight lines in PSP is easy, in PS you have that annoying pen tool.
I have a hard time believing that the guys at Adobe even use their own product.