Most additions since version 5 have been 'enhancements' not really worth the version increases; it should be around 5.5 instead of 7. One of version 7's strongpoints is it actually works on Windows XP and MacOSX. There is also a 64 bit version floating around - the only program that should need more than 4GB of RAM (according to Bill Gates -- about 2/3 down).
Well that and video editing software. --AristotlePagaltzis
Recently, Adobe made a cut down, wizard driven flavour called Photoshop Elements (now at version 2) aimed at the consumer market of digital camera owners that would get lost in the plethora of menus that Photoshop offers. As a result of reduced functionality, it is also alot cheaper ($200 as oposed to $2000 in NZ) without missing out on much that home user would need.
You can instead flash your student ID card and get a copy of the real thing for under $1000.