These are the Photoshop keyboard shortcuts I find myself using the most often.

They have made my life a lot easier and get the job done quicker:

a-z
a = selection tool shift+a = change selection tool (path selection tool/direct selection tool) b = brush [ = make brush smaller ] = make brush bigger shift+[ = make brush softer shift+] = make brush harder alt while in brush mode = use eyedropper tool to pick colour ENTER while in brush mode and path on screen = stroke path c = crop tool d = switch back to default foreground and background colours (black/white) e = eraser f = change screen display mode (standard/full screen with menu/full screen) g = gradient tool shift+g = change tool (gradient/paint bucket) i = eyedropper tool l = lasso tool shift+l = change lasso type (freehand/polygonal/magnetic) m = marquee tool shift+m = change marquee shape (rectangular/elliptical) p = pen tool

ENTER while in pen mode = clear path (path is still available in paths in layers pallette) t = text tool u = shape tool shift+u = change shape tool (rectangle/rounded rectangle/ellipse/polygon/line/custom shape) v = move tool arrow key while in move mode = move selected layer ctrl/cmd+arrow key while in any mode = move selected layer w = magic wand shift+w = change magic wand type (magic wand/quick selection tool) x = switch between foreground and background colours z = zoom tool

non-letters
space bar (hold+drag mouse) = pan ctrl/cmd+; = show/hide guides ctrl/cmd+alt+; = lock/unlock guides ctrl/cmd+shift+; = snap

ctrl/cmd + a-z
ctrl/cmd+a = select all ctrl/cmd+c = copy ctrl/cmd+shift+c = copy merged (make selection, pick multiple layers, copy merged)

ctrl/cmd+d = deselect ctrl/cmd+e = merge layers ctrl/cmd+f = apply last filter ctrl/cmd+g = group layers ctrl/cmd+shift+i = inverse selection ctrl/cmd+j = new copied layer (duplicate layer within same document) ctrl/cmd+n = new ctrl/cmd+shift+n = new layer ctrl/cmd+o = open ctrl/cmd+r = show/hide rulers ctrl/cmd+s = save ctrl/cmd+shift+s = save as ctrl/cmd+alt+shift+s = save for web and devices (use to save proofs) ctrl/cmd+t = free transform ctrl/cmd+v = paste ctrl/cmd+shift+v = paste in place ctrl/cmd+w = close ctrl/cmd+alt+w = close all ctrl/cmd+x = cut ctrl/cmd+z = undo (only allows last action to be undone) ctrl/cmd+alt+z = step backward through actions ctrl/cmd+shift+z = step forward through actions