The Shadows/Highlights Adjustment Tool in Photoshop CS 5 & 6 is a very powerful asset. It is tucked away pretty deep in the menus and not found in the normal adjustment layer section. It is very similar to that of the shadow and highlight adjustments in Adobe Camera Raw or Lightroom, however, it gives you a few more options that are very helpful for controlling the shadows and highlights in any image.
In this tutorial I will be showing you how to use the Shadows/Highlights Tool as an effective Smart Object. I will then roll right into how you can use this tool to punch up a Dodge and Burn layer! This effect is awesome!