This is to go hand in hand with the vintage tutorial.
Using layer masks:
Alright, so the alternative to using the erase tool is layer masks, which enable a GREAT feature. You can undo what you erased way later when you have made significant changes to your file.
How do we use layer masks?
Make a cube, any color.
Go to
» Layer » Layer Mask » Reveal all
This makes a new mask over the layer you created. Notice the new box in your layer palette? 
Now using the BRUSH tool, and having the layer mask selected click on the cube, and it should start erasing the cube. Cool huh?
The great thing about this is that it always remembers where you have erased, so to undo what you have done further down the road you just go back over the area with white.
Remember: ALWAYS use mask to erase something.
White means visible!
Black means erased!
Notice how the white and the black corrispond to the areas that are erased?
Try it with different brush shapes too!