I would refuse to do business with a designer who didn't provide me with the PSD, free of charge. As someone already stated, we're paying for the design of our site/logo/template and if I, as a consumer, want to change it, I want to change it.
Button text, email addresses, phone numbers, business location(s), etc. All of that stuff should be able to be changed without waiting for the designer to have time to do it for you.
