Ah-ha! Layer Comps are yet another feature. Where Stamp Visible combines what can be seen into a single layer and Group Layers makes a stack of the selected layers, A Layer Comp is a snapshot of the current layer visibility, position, and appearance of the selected layers. Layer comps capture the document as it currently appears. It can be selected from the Windows menu items.
Because Layer Comps are more typically used to do things like create a brochure that could contain multiple images, you would rarely use this technique for the typical post processing of a single image.
If you would like to get more information and see an example of how it might be used in creating publications, take a look at this link:
http://www.gwashingtonhs.org/ourpage...eate_comps.pdf