Photoshop fully supports tiff files and its' layers. You should have no problems at all.
but is editing a tiff file equivalent to editing a raw file? could i say convert all my images to tiff. then edit them in photoshop without loosing too much quality?
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Well, this is hard for me to answer because I'm not a pro photographer.
No, not quite.
When you convert a raw file to tiff, you assign a color space (ProPhoto, Adobe RGB,or sRGB) and a bit depth, usually 8 or 16. You get to keep the orginal raw file,but now you have a tiff version so you can add layers, masks, and special effects in Photoshop.
sRGB is great if you just intend to post pictures to the web,but for higher standards, some digital photographers like ProPhoto and you should consult them as to when you need to use it and how to use it.
Photoshop fully supports TIFF files similarly to PSD files, but they are both very different animals than your RAW capture. I like to think of RAW files as clay that you can mold, and remold at will without losing any quality. When you process to a TIFF you have processed the file, and as Gene pointed out, you've now made some determinations such as color space and bit depth.
Keep in mind that the cleanest adjustments you get are from the original RAW file. Mu suggestion is to make working with your RAW files in ACR or Lightroom as part of your workflow. The extra few seconds are worth the quality.