I'm working on the design of a new app. Ideally I could swap from illustrator to photoshop and vice versa since each has its advantages. This works out very well (I use shapes / vectors) except for one thing. Shadows! When I export to psd, the element with shadows from illustrator become images, not shapes. When importing the psd from photoshop, the shadowed elements become images (to trace). Anyone who knows a proper solution to this?
Layers Styles in Photoshop and Effects in Illustrator are simply not transferable in any sort of "live" fashion. There's no workaround to make them editable in both applications.
The best you can do is use vector Smart Objects within Photoshop, or linked raster images within Illustrator then use the originating application to edit items if needed.
The core technologies between Photoshop and Illustrator are just too different to allow live editing of everything you move between the apps.