The way to make an amazing droplet is simple. (Note: this is the original way I did it, but I'm sure others will emerge.)
1. Turn an image into an amazing circle.
2. You should now have a (pretty much) uniform colour as the background for the circle. Select the eyedropper tool, and select this background colour. Make sure that this is now set to your background colour in swatches. THIS IS AN IMPORTANT STEP - without this, the droplet doesn't seem to come out correctly, and is distorted.
3. i. Zoom out to something like 8% (this is just to avoid a huge window of block colour in the next step).
3. ii. Go to Image > Canvas Size, and set the height and width to 300 percent. Set it to relative, and make it relative to the middle and bottom in the 3x3 grid.
4. You should now have an amazing circle sitting at the bottom of a fairly large canvas, with matching background. Now simply reapply the amazing circle technique.
5. You will now have an amazing droplet sitting in the center (ish) of the canvas. There may be some other stuff at the very bottom, but you can just ignore that. Crop the droplet as desired, and you're done.