I use quikmask to do a fast cut out and then I use layer masks....sometimes I'll use tha eraser but tha masks hides part of tha image you dont want so if you ever need to bring em back for some reason you dont have to start over....
i use the 2nd setting of the lazzo tool,then zoom in and i get precise cut out,after selection is made i inverse it then i delete the background then select the inverse switch again,then walla!
Eraser or pen tool. Been using the pen tool alot more tho, it's just really faster. Never use the selection tools, they take too long an like guy said you could move your hand a lil and ruin the whole path you were making.