I'm no professional - I'd venture to say that my skill level when it comes to the graphic arts is laughable as compared to some of the other guys around here... Take my input with that in mind...
That said, I've had a Graphire2 4x5 for about awhile now, and I can honestly say that if I had it to do over again, I'd definitely spend the extra money for a better tablet. The 4x5 size is really too small to be worthwhile, and it seems it could benefit from a little higher resolution as well. For any kind of freehand work, it's hard to stay within the boundaries of the tablet, and it lacks precision. Even for things like tracing in Illustrator, it's much easier to deal with a mouse than the small sized tablet - it's not even wide enough to allow full cursor movement across the screen (imagine using a mouse on a pad the size of a post-it note).
If you're looking to spend $199, I'd look at the larger Graphire (the sloppiness is bad, but a 4x5 tablet is entirely useless IMO), but if you can swing it I'd take a look at the bigger Intuos tablets. There's a good chance that part of my tax refund will be going toward a 9x12 Intuos3, myself...