Efficiency in Photoshop is achieved by having a standardized work flow.  This does not mean you must do things in the exact same way I outline here, but be consistent in how you do things. 

My shooting is done in camera raw.  I shoot this way because I am a control freak of the highest order when it comes to my photography.  Shooting in camera raw means that I am generating an image file that contains the maximum amount of information my camera can produce.  I use a Nikon D300 set to produce a 14 bit image without compression.  The image is created so as to have the best possible exposure possible for the conditions at the scene. 

When I download the card, it is done via Nikon Transfer software to a folder on a hard drive that only contains raw downloaded images.  These images are then copied via Adobe's DNG converter to another folder on another hard drive that contains files to be edited.  This is the first layer of redundancy used to prevent losing data.  These drives are backed up every time changes occur to yet another hard drive (external)  that contains only back up information. 

As soon as the files are ready, I open them up in Adobe Bridge.  I rate the pictures and then copy the starred images to my work in progress folders.  I then check levels and make sure that the images are ready to go into photoshop.  If the images are only for web use, my work is usually done by creating a Jpeg file here.

If the shot involves people, I fix any problems involving skin tones, eyes, and teeth before proceeding.  If dodging or burning are needed now is the time for this work as well.  I use several standardized adjustment made using hue and saturation over the mid tones, followed by curves adjustments to their light, dark, shadow dark, and mid tone areas.  If the shot is for portraiture, I make a further enhancement by darkening the edges and corners a tad.  It is then that I size the photograph and make any adjustments in sharpening that are needed.   My print files are most often 300 dpi with 12" x 18" dimensions and web images are at 72 dpi and 720 pixels for the long edge.