The noise reduction filter in the ACR module of PS was greatly improved in the last couple of years - see attached screen shot. It meets the needs of many photographers. The exact same algorithm is also available in Adobe Lightroom.
That being said, there are many caveats:
1. The word, "elimination" should never follow the word, "noise" in any sentence. LOL. The best you can hope for is "reduction without intolerable blurring"
2. There are easily tens of thousands of research papers on noise reduction algorithms published in the last few years, so this obviously is a difficult, if not impossible task. To reiterate, it's always a trade-off between NR and blurring.
3. An entire cottage industry has sprung up turning the best of the above algorithms into plugins for Photoshop. Google specific products such as "Topaz DeNoise", "Neat Image", or, go for broke, Google {noise reduction plugin photoshop} and prepare to read continuously for the next few weeks. ;-)
HTH,
T