Open or place PSD file does not keep any editable layers
I am trying to open a file that I created in PSD that has three layers plus some adjustment layers. Two of these layers are text. Regardless of if I open or place them Illustrator, the file comes in as a single bitmap layer. Open does ask me if I want to keep the layers and text, but it does not work. Place doesn't ask; it just places the image.

-
PSD is not native format for Ai, so it doesn’t get 'opened', it’s always 'imported' — and this implies balance between 'editable' and 'looks the same'.
'Convert Layers to Objects' option in Photoshop Import Options dialog (that appears when you try to embed a placed PSD) promises to keep text editable 'when possible' — and sometimes it works... but if you file has some adjustments layers ABOVE text, for example, — Ai would have to rasterize text to try to keep the consistency.
So it depends on a file heavily.As I see it, without a test file it can’t be treated as a bug. If you believe it is — please share it with the team: send it over to sharewithai@adobe.com, or put here publicly in a comment if you are OK with it.