I'm wasting time having to place my image in Illustrator then manually line up the clipping path. You used to be able to save a file with a clipping path as an EPS in photoshop, select "retain vector data", place in illustrator and hit cmd Y to see the clipping path. I need the image and the clipping path in Illustrator and the image is too complex to create a mask in Illustrator. I tried to save it as an EPS but "retain vector data" is grayed out.
Got my answer! Embed the image in Illustrator and your clipping path will magically appear.
If you relink your embedded image again, so that the image inside your illustrator layout will reflect changes of the source image, the clipping path remains. A very nasty bug of Illustrator, upon a colleague of mine stumbled upon during an Illustrator Training he held.