Use Advantage of Layer Comps When Placing PSD Files in Illustrator

When opening or placing native Photoshop PSD files in Illustrator you can use advantage of Layer Comps feature in Photoshop. Using either Open or Place command in Illustrator you will always pass Photoshop Import Options dialog which allows you to choose which composition you want to use from Layer Comp drop-down list at the top of dialog. Preview section gives you preview of chosen composition when Show Preview option is checked. You can also choose who controls layers visibility when placing linked file from When Updating Link: drop down list.

Photoshop Import Options dialog

Unfortunately there isn't any option in Illustrator to change layer comp but you can use Relink function in Links panel (relink with same file) which will open Photoshop Import Options dialog.

Relink file from Links panel in Adobe Illustrator

Reference:
Illustrator / Importing artwork from Photoshop

Bibliography:
Real World Adobe Illustrator CS5

Product used in this tutorial: Adobe Illustrator CS5