I've been using Photoshop professionally for over 15 years. After a while you can instinctively see when an image has been manipulated.
Personally, badly-done image manipulation is a real turn-off, whereas I get a real kick from seeing something which is very well-done.
All the fancy effects in the latest versions of image manipulation software available can be done with more control from earlier versions of Photoshop if you know what you are doing.
My problem with fancy effects is that most of the pics we see are the end-result of haphazard tweaking, at best resulting in a "happy accident" derived from what the software has done for us.
Don't get me wrong, this can result in a stunning image (albeit accidentally).
Nevertheless, for me a really stunning final result HAS to have a very good photo at it's heart.
Photoshop can't make a silk purse from a sow's ear for me, and an over-manipulated image looks just naff when you know how it's done and have seen it all before.
Of all the images above it's ///carbon's which impresses me most.
