When I open eps, CS5 doesn't give me Smart Object options. I think you need to create a file and then place or import eps, right? But actually I don't know if I need vector data in Photoshop anyway. Like jhilldesigns says, I created the vector data in Flexi, exported to eps, opened in PS and saved as a native file. I imported that into Flexi. Then i can center/center the original vectors over the bitmap and use that as a mask or cut line. Maybe there is a better way to do it, but that worked fine. I think I'm gonna like it!