A ReinMan™ Micro Tut!
Okay TOFUmanlyMan - this works pretty cool. It is a few steps as well, but once you get used to it you can go pretty fast. And there are many more things than straightening you can do with this basic concept.
You'll need at least CS2 to do this (not sure if CS did it or not):
A) choose the layer you want to rotate. If you have more than one layer that you WANT THE SAME ROTATION ON, shift+click them so they are all selected.
B) RIGHT CLICK (cntrl+click) on one of the selected layers and choose CREATE SMART OBJECT (CONVERT TO SMART OBJECT).
C) Double click on the new combined SMART OBJECT layer's THUMBNAIL, and a new window with just those layers pops up.
D) Go and do your RULER / ARBITRARY rotate thing
(for those of you unfamiliar with this: i) go to the eyedropper tool and click side triangle to get RULER tool ii) go drag the cursor along a line in the image that you want to be straight (eg: horizon) iii) go up to MENU bar and choose IMAGE / ROTATE CANVAS / ARBITRARY iv) don't change the numbers, just click OKAY in the dialogue box v) violin! She's straightened out! )
E) After things are straightened out, do a CNTRL+S (or File Save) on the new window. Almost immediatly the layer(s) rotate in the ORIGINAL document. Rather cool.
F) when you are a happy camper, close the Smart Object window so you don't get confused and drooly like ReyRey.
A bonus of this is that you can come back at any time (on the Original image) and click on that Smart Object and remuck with your layers - straighten some, move some, delete some, whatever... FUNKY CHICKEN, eH?

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