Hmm, I think what you are describing relates to vector rather than bitmap graphics, something that Illustrator uses. PS is more for bitmap images. In CS3 at least there is a ‘freeform pen tool’ which is simliar to the pen tool in Illustrator. For that kind of work, I’d be using Illustrator as it’s the right tool for the job. The pen tool in PS does have the simliar ‘add’ and ‘remove anchor point’ funktions though.
The pen tool in PS allows you to attribute ‘styles’ to it, so you can draw shapes with a fill of a particular style, or, you can create custom brushes with the pencil and brush tools, and attribute a ‘style’ to that layer; for eg; if you want a stroke outline to a brush stroke, then you can attribute a stroke outline to that layer, and each brushstroke will have the stroke outline attached.
I don’t know if this at all helpful really.