I have used the PSP and TSP process by heart for 4 years (though it was in the begining of my software career). As an idealist you will love what is being done by you and ofcourse Yes there are amazing results as well.
Though PSP advocates the recording of your defects to the core (such as ; or typo's), I was in a conversation with Mr. Watts Humphrey where lot of people asked him about the advancements of compilers and missing of object orientedness (which I felt, how is it missing, as I was an OO Programmer and was using it successfully). There was a very good answer provided by him. It went on like, "PSP, or as a matter of fact any process methodology, is not a concept thats stuck on a single idea. The core idea is to introduce people to the quality methods and analysis.
"Its always adaptive. You can tailor it to fit to your needs. If you feel like you will go with Function Point methodology, you are alright to go ahead with it. Same for any estimation techniques. But you should do it constantly and repetetively.
"Same with the advancement of compilers. If you feel like the WBS in the structure of PSP won't fit to your development, do modify it and use but again do it constinuously.
"As you do it continuously, you will have collected the historical data of yours and will be statistically do a predectable and accurate estimates on all the parameters"
May be I am giving this answer late but when I read all the replies, I felt I wanted to share this.
As per the tools, we have Process Dashboard, the PSP excel sheet and all.