Photoshop is magic. No, really, I think it is.
One of the most important things Photoshop can do (to me at least) is restore memories. Images that are fading, discolored, torn, and almost lost forever can be brought back to life, to span generations of time in digital format.
They can either be brought back to (or in some cases, close to) original form, or they can be enhanced with various creative effects such as colorization.
Recently my family has discovered old slides and images from generations ago, some from overseas- a great-grandfather's military travels. To me, these are such great treasures. Photo Restoration is a time-consuming labor of love, but absolutely worth it.
Printed images will continually degrade over time (as will those VHS tapes!). If you care to preserve them for the enjoyment of future generations, take the time to digitize them or get someone else to. Someone down your line will certainly thank you for the peek in history.
Some of our restorations: