One feature of Painter I really like is the way it shows you a rubber band from your start-point while you are placing your endpoint of a straight line.

In photoshop CS3 I click the first point than then I have to try to imagine where the line would run while I decide where to shift-click the end point. When it's angled lines in a perspective view I can only see if it looks right after it's drawn and usually I have to redo it several times before it's correct, or draw it and then move it to where it should be.

Is there any way to get the visual feedback of that rubber band effect?

Rubber band in PhotoShop?...

Shift-paint (using brush tool): no.
Line tool (under shapes): yes.
Selections (afaik): yes. Note when using lasso tool, you can hold alt and release for a straight section. Click and drag after letting go of alt to continue with your meandering lasso line.
Pen-tool: yes

BTW, you can do a trick by using the pen-tool path as a precision brush-stroke control. If you have a brush selected, you can go under the paths window and stroke the current path with currently selected brush. If you need some form of expression in that stroke, use the fade option under shape dynamics for the brush. It's also likely you'll want the number of fade steps to be a rather large value.

Can't claim full expertise in PhotoShop, but I do know enough to be dangerous.