Re: tiff Not much difference. The big one would be wanting to open the file in another non adobe program. I use .psd myself as it loads faster and renders thumbnails much quicker.
Re: tiff Suppose the answer is save as what you think suits you, one reason is that a lot of my files are shared, sent to various outlets where they a licenced to be used, Tiff files are a standard format and can be opened by most if not every photo software while .PSD is broadly speaking an Adobe format and could pose problems for others to open and read.
Martin
--- One to one workshop in monochrome, from capture to fine art print, printing service available
Re: tiff I tend to save as .psd as I am working on an image and want to save the various editing steps (so I can go back and re-do any rubbish) and then save as a tiff at the end.