Penny for your thoughts...

@Alun Lambert: thanks Alun...sneaking away from a conference with a camera does pay!

@Anthony Lambert: thanks Anthony.

@Karthik: Karthik...glad you liked it. I'm always wary about over doing the technique. There are variations I know but you may want to try this:
Create a Hue Saturation Adjustment layer;
Move saturation slider all the way to left to remove color on entire photo;
In the colour pallet in the tool bar set colours to black for foreground/white for background (you can do this by hitting the "D" key);
With the foreground colour set for black select the paint brush to colour in part of photo. Black paints the colour back in while white blocks the colour and you only see the b/w. If you want to touch up a bit you can switch back and forth in the colour pallet to colour in or remove colour
As for the framing I use PSE 5: canvas size> create a border of .5 inch> canvas size again & a 10 pixel line> cnvas size again for a further border of 1.5 inch