Thanx. I think that's right. Is window frame the same thing as full screen mode with menu bar?
On the missing toolbars issue:
If this is what is bugging you - I'm pretty sure its working the way it is intended to. I always though it was a nice thing to have the toolbars hidden whenever I wasn't actually able to use them (when PS is inactive), but your oppinion may differ.
Have you tried going to the Window menu and enabling "Application Frame" ? - that will make PS look like it did in the old days and ensure that the toolbars will not be hidden, even when looking at it in Spaces.