Top new features of Adobe Photoshop CS3
(Taken from Adobe.com)

Productivity enhancements
Streamlined interface - Take advantage of the self-adjusting docks, workspace presets for specialized tasks, and other refinements in the streamlined interface

Adobe Device Central - Create and view artwork for display on cell phones and other mobile devices, and preview how your photos will look on different devices.

Next generation Camera Raw - Process raw data—at high quality—from more than 150 digital cameras. You can also apply Camera Raw processing to JPEG and TIFF files.

Image editing improvements
Smart Filters - Preserve image data integrity as you enhance your images with flexible, nondestructive smart filters. These filters may be added, replaced, and re-edited at any time.

Black and white conversion - Quickly remap colors in an image to monochrome, or have Photoshop analyze the image and recommend conversion settings.

Improved curves - Use the color-correction presets to make automatic adjustments to curves. You can also create your own Curve presets.

Adjusted cloning and healing with preview overlay - Control multiple clone sources, as well as rotate and scale each clone source. You can also view an overlay of the clone source as you paint.

Compositing enhancements
Quick Selection tool - Make a quick, accurate selection of an irregularly shaped object without having to manually trace the object’s edges. You just paint the selection using a brush tool and apply the Photoshop automatic edge enhancement for greater selection accuracy.

Refine Edge feature - Modify the edge of a selection by expanding or contracting, feathering, or smoothing it using slider controls. Refine Edge is a simple, flexible way to modify the edge of a selection.

Photomerge with advanced alignment blending - Create advanced composite images with Photoshop. Place images with overlapping content on separate layers and let Photoshop analyze the contents and blend the images seamlessly into a continuous image.

3D and motion advances
Vanishing Point with 3D support - Edit images in perspective across multiple planes at any angle, and export 3D information in formats supported by 3D applications.

3D visualization and texture editing (Photoshop Extended) - Import 3D models; change model position, lighting, or rendering; edit model textures; and easily composite models with 2D content.

Motion graphics and video layers (Photoshop Extended) - Edit a video on a frame-by-frame basis, or add a layer to the video and create edits that will appear in every frame. The Animation palette now includes a new timeline with keyframe capabilities in addition to the frame-based interface.

Movie paint (Photoshop Extended) - Quickly find and edit any frame of a movie file with Photoshop tools. Photoshop painting, retouching, and pixel-level editing is available for every frame of your movie file.

Comprehensive image analysis
Measurement (Photoshop Extended) - Assign a measurement scale to an image and measure length, area, perimeter, density, or other values in accurate scale units. Record results in the Measurement Log as well as export the measurement data to a spreadsheet or database.

Ruler and Count tool - Measure distance across an image, or count features in an image or in a selection. You can count manually, count automatically, or use a script.

Image stack processing - Combine multiple images and apply advanced rendering options to produce enhanced composite images, eliminating noise or unwanted content.

Click Here for the Top New Features in other Adobe CS3 Programs