I'm testing this on a corporate version of Photoshop CS that supposedly doesn't do product activation, although it may still invoke a stub at startup and cancel out--I don't know the mechanics behind it.
Photoshop CS installs fine, and seems to start up fine too (with --winver winxp or win2000 parameters) until a message appears that says "Unable to continue because of hardware or system error. Sorry, but this error is unrecoverable."
A quick look through online help says this message means:
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You should make sure Photoshop is not running in XP's compatibility mode. How the app tells or what this breaks, I don't know. Hopefully this mechanism doesn't just detect Wine and bail out.
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Defragment your hard disk. Probably some default scratch file minimum size problem. Unlikely to be a problem in Wine, I think.
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Trouble creating the file AdobeFnt.lst, or damaged fonts. I think this may actually be a likely culprit. If Photoshop actually itemizes each font, queries data for it, and makes its own list, are we sure Wine is getting correct and/or enough information from Xft?
Hope this helps. I can provide trace logs etc to whoever can tell me how to produce them. I'll also try copying an AdobeFnt.lst file from a working Windows installation and see what happens (I strongly doubt it will fix it).