The “Great Photoshop Trick You Wish You Knew Earlier” is the ability to move your drop shadows using the mouse.
To do this all you have to do is open up the Layer Styles for whatever layer you wish to add the drop shadow to, then simply click and drag the drop shadow (keeping the Layer Style window open) and you can put the drop shadow where ever you want.
The benefit to this is you are able to place the drop shadow yourself instead of messing around with the numbers and settings. It makes things a little quicker and easier 
This was done using Photoshop CS2, I’m not sure if it’ll work in previous versions.
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That’s pretty cool. It seems like no matter how long you’ve used Photoshop, there are always new tricks to discover.