I’m using CS3 and it PS has the "Save for web" option which let you save any format optimized.
You might think that, but the Save For Web option in Photoshop for PNG is rubbish. Believe me. It doesn’t optimize it at all. This plugin will save PNG files MUCH smaller than the standard Export For Web option. Also Photoshop cannot save in PNG 8-bit colour with 256 levels of alpha transparency channel unless you use this plugin. If you want this without the plugin you have to use PNG-24, and IE6 cannot read those files properly at all.