Aside from the discoverability issue, I like the way it works in Illustrator better. The weight, width, etc. change continuously as you move the sliders. In Photoshop, nothing changes until you release the mouse button after moving a slider. The sliders in Photoshop are also really small.
When answering licensing questions, I tend to use the terms font (the name and associated visual appearance) and font file (the thing you install, i.e., the software). From the point of view of a font developer, font and font file are redundant, and we tend to use the term typeface for the first thing and font for the second thing. But colloquially, I think font and font file is how users think of it, or at least makes more sense to them if they haven't thought about it. Caring about the distinction between typeface and font has become an internet joke. Most users know what a file is on a computer, so I think it works, and is easier than trying to correct or educate multitudes of users.