When I open my saved DCS2.eps files in Photoshop the white channel appears to be blank.
Older versions of Photoshop such as 7 had issues with spot color channel hue (color), they appear to be blank, although the data is there. Changing the channel color to black fixes that issue and improves printing.
Newer versions of Photoshop also have a setting (preference) to "show channels in color", you may wish to turn that off.
Photoshop is not the best program to print spot color channels from, use a better program such as a Publishing or Illustration program.
Photoshop can have an issue with density, as it uses a channel hue to determine density and that is not proper. Illustration and Publishing programs do not have this issue.
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