We consider the effects of "photon bubble" shock trains on the vertical structure of radiation pressure-dominated accretion disks. These density inhomogeneities are expected to develop spontaneously in radiation-dominated accretion disks where magnetic pressure exceeds gas pressure, even in the presence of magnetorotational instability (MRI). They increase the rate at which radiation escapes from the disk and may allow disks to exceed the Eddington limit by a substantial factor without blowing themselves apart. To refine our earlier analysis of photon bubble transport in accretion disks, we generalize the theory of photon bubbles to include the effects of finite optical depths and radiation damping. Modifications to the diffusion law at low tau tend to "fill in" the low-density regions of photon bubbles, while radiation damping inhibits the formation of photon bubbles at large radii, small accretion rates, and small heights above the equatorial plane. Accretion disks dominated by photon bubble transport may reach luminosities from 10 to >100 times the Eddington limit (L-Edd), depending on the mass of the central object, while remaining geometrically thin. However, photon bubble-dominated disks with alpha-viscosity are subject to the same thermal and viscous instabilities that plague standard radiation pressure-dominated disks, suggesting that they may be intrinsically unsteady. Photon bubbles can lead to a "core-halo" vertical disk structure. In super-Eddington disks the halo forms the base of a wind, which carries away substantial energy and mass, but not enough to prevent the luminosity from exceeding L-Edd. Photon bubble-dominated disks may have smaller color corrections than standard accretion disks of the same luminosity. They remain viable contenders for some ultraluminous X-ray sources and may play a role in the rapid growth of supermassive black holes at high redshift.