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This is something I have started doing this year.
Most of the advantages have already been covered, but for me one of the biggest is usability. In a flat Photoshop mockup, you simply don’t get a ‘feel’ for the website you are designing and important usability decisions are often missed.
These issues will almost always crop up during the PSD > markup phase and in some cases will mean you having to completely re-think a layout (I’m sure we’ve all been there at some point!)