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Create a solid shape, then set the fill to 0% and add a stroke layer style effect, that is... if this is what you want.

As for the layer mask, it's actually a vector mask; one is based on pixels, the other one based on vectors aka paths.

Try for example to click on the layer mask button while on the shape layer; it will create the layer mask. So basically you have the choice to add no masks at all or a regular mask or a vector mask or both, with each having its own advantages.

Shapes are bascially a solid color layer with a vector mask attached. You can double check this while having a shape layer active and clicking on the paths tab in our palette.

Do understand that you can't attach a layer style to a path, so if you draw a path with the path option selected in your options bar (see attachment), then you won't be able to use layer styles. Well you can use them, but they simply don't do anything. So the trick is to draw a shape instead and use it will fill 0% which will hide the visible shape. Remember this trick, it can be quite handy sometimes and not a lot of people know it.