In the File Types listed on the Digital Art Guidelines – I'd replace the sentence under Raster Images
“Digital art files should be saved as TIFF or EPS format”
to
“Digital art files should be saved as TIFF or PDF format”
Rather than EPS.
Reason:
Saving a file to EPS is fine, it will output any vectors contained in the photoshop file – but reopening the EPS will comletely flatten the file and rasterise everything.
If you save as PDF from Photoshop, it will output the vector masks, shapes, and text layers, while retaining full editablity of these features when reopened in Photoshop – as well as containing the layers.
If you save as an EPS from Photoshop (containing vector shapes, masks, or text layers) then you would need to save a layered tif, psd or PDF for editing – save yourself the hassle of multiple files for the same thing and just save as PDF – if the artwork contains vectors created in Photoshop.
If it doesn't contain these vectors created in Photoshop then a TIFF or PSD is preferred, i.e., if it's a purely raster image.
I was absolutely horrified one day when an old boss complained that it took too long to output an illustrator file to the RIP. And he came along shut down the nearly completed transfer, then opened the illustrator file in photoshop and saved it as a jpg, replaced it in the layout and then output plates.
Sure it worked faster – but I washed my hands of that particular job and put the onus on quality on him.