I have the 4x6 Intuos3 from WACOM and wouldn't be without it. I really don't see how anyone can use PS without it. It is plenty big. I also think you can get a good deal on CS3 if you buy the tablet.
I can't see doing any masking with the mouse.
No need if you only use camera raw type functions though.
I use an Intuos3 4x5 (I think the 4x6 replaces that now). Wouldn't be without it. A word about size: If you're schooled in traditional drawing technique -- i.e., moving the arm and shoulder when you draw -- then you might want a larger size.
If you draw as you write -- controlling the pencil with your fingers -- the small tablet will do fine. In fact, I mapped my 4x5 so that the active area is about half of what's available..
I use a Wacom Intuous3 A4 tablet and it is great but takes up quite a bit of desk space. Next time I will buy the smaller A5 tablet since it is smaller and will still do everything I need.
To many people, myself included, Wacom tablets are the only way to go. They are expensive, but their compatibility is second to none. I have an Intuos 4x6 tablet, and its great. Wacom just released a less expensive entry level tablet called the Bamboo which should be fine for most people.
Something to remember- when you are considering a tablet, make sure it has the same aspect ratio as your screen(or close). If you are using a 4:3 monitor, get a 4x5 tablet. If you are using a 16:10 monitor, get a 4x6 tablet, etc etc.If you don't get a tablet that corresponds with your monitor, then the accuracy will be off.
A tablet makes a world of difference when creating masks, dodging and burning, and making accurate movements in Photoshop.
A 4x5 Graphire or Bamboo gets you to the point of diminishing returns instantly. They give you 95 percent of what you'd get with a larger tablet or an Intuos...unless intend to get into serious graphic work.
If you want to paint, Intuous gives you finer touch control, and a larger tablet enables you to "paint from the shoulder." But if you intend to make pencil-like movements, the low-end Wacom tablets take you where you want to go.