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@fulgrate-- Some good questions.
-Took me about 2.5 hours real time, so actually quite a while.
-The selection trick uses the Magic Wand tool. I explain that tool in detail in my guide in the Professor Smeargle thread (go check it out).
-If you look at the video very closely, you'll notice I didn't ink in Photoshop. I did my sketching and initial drawing in another program called Manga Studio, which has some interesting brushes that use vectors instead of pixels to make very clean pretty lines that don't change in quality no matter how big or small the image is adjusted to. Really, this is kinda superfluous, because I can do line art just fine in photoshop, and line art there also has its own special quality.
-I'm using a Macbook 15", so I doubt a huge monitor is my advantage :P (though the mackbooks do have nice monitors).
-Keyboard shortcuts definitely speed things up, and I should probably learn to do more of them (I'm sure a real photoshop wiz who watched this vid at a more reasonable speed, and not 800%, would notice all sorts of inefficiencies in how I draw). The best shortcuts (imo) are zoom in, zoom out, eye drop tool, and undo (multiple undo, letting you undo multiple mistakes). There are a lot of other great ones I should probably learn to use, but these are the ones I use consistently.