Is there a disadvantage to setting type in Photoshop for a business card that is going to be professionally printed, assuming the file is set up at 300+ dpi and the type is created within that file? I'm dealing with artwork that's just going to be a lot easier to set up in Photoshop rather than Illustrator or some other layout app.
These days, Photoshop will work fine. The main thing is (if the job is going on press) is to provide your printer with a file that includes vector data. 300dpi is sufficient for photographic elements, but it's too low for type. So when you're done, you'll want to save a copy as an EPS with the Preserve Vector Data box checked, or a PDF with fonts embedded, to provide to your print shop.
The other thing to watch out for (again, applies to press jobs) is that if you're setting black type, Photoshop's default black is a rich black, made up of Cyan, Magenta, Yellow and Black. Not good for type, especially small type as found on a business card. If your design includes black type, manually set the black to 100% black instead of using Photoshop's default.