Most places in the universe will kill life instantly - instantly! People say "oh, the forces of nature are just right for life." Excuse me. Just look at the volume of the universe where you can't live. You will die instantly.
PSD files will maintain all of the detail of your images. They're LOSSLESS meaning they don't compress the image at all, keeping all of the resolution. Keep your PSD files around until you're SURE you're done with the image. Then you can convert it to whatever format you want (I recommend JPG, but TIFF works OK too depending on the application). However, if you decide in the future that you need to make changes, you want to pull out the original PSD file because the JPG you made now has lost some detail.
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