I'll weigh in here rather than open a new thread.
The Place ability is great but is lacking in two key ways what Photoshop's Smart Objects can do – at least for my purposes.
First, and this can be worked around currently, is that I cannot edit a Placed file unless it's an .aphoto file. This seems like a simple fix because opening a JPEG and choosing Save as... does the conversion and the resulting file can be placed and edited, so the functionality is all available, just not linked. In fact, Photoshop has the ability to "convert to smart object" any layer that is already in place – doing that would solve the problem AND the related problem of the Placement having to be in an external file to start with.
Second, duplicate by reference. The ability to load one "smart object" and have multiple copies each with their own scale and translation, layer effects, etc, but when you edit one, all copies are updated. This is really useful for logo work amongst other things.