In Photoshop, the Layer > Align menu item gives you options for alignment, but it's lacking a type layers-specific option: align baselines.
If you have 2+ Type layers selected, it would be super handy to be able to align them by baseline, which is very different from align:bottom (because of descenders). As it is, you have to align by bottom, and then manually adjust any type layers that contain descenders.
Since type layers can be multiple lines, I envision this as being another set of three options:
Align baseline(s) by top baseline
Align baseline(s) by center (in-between baselines for layers with even number of lines)
Align baseline(s) by bottom baseline
So basically another set of Top - Middle - Bottom, but for baselines, not pixel edges.