Teehan+Lax continues to zag with a move towards designing with code.
The problem with Photoshop is that what’s being created is actually a fiction. Layout and typography decisions are made that often don’t translate accurately to HTML.
More importantly, in my mind, is that real client feedback doesn’t begin to happen until you can interact with it. Wireframes are rubber stamped. Designs are approved with minor tweaks. The first client review of the actual site is the first time meaningful feedback generally comes up. Aside from the fiscal impact, there’s an emotional tax on everyone on the project.