A TIFF file won't contain more than one layer of information, whereas a PSD allows you to save the original image in a layer and then all the adjustment layers above it which you can turn on and off (as well as save as image comps for easy access), so for saving adjusted layers in an uncompressed format, then PSD is the way to go. However if you need to transfer these files to another application or computer then TIF should be accepted by most applications outside of Photoshop.
I find TIFF files generally bloated above what my requirements are and save 95% compressed JPEGS at 1/10 the size with no image loss, but I always keep a version of the PSD authoring file in case I need to output another version or make changes.