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Make sure you扉e got a suitable high resolution.
Add a top threshold Adjustment Layer, and set threshold to make sure the file is monochrome.
Ctrl-click RGB channel, then go Select>Inverse.
Go to Paths palette and click the Make Workpath from Selection icon.
Name the path.
Export to .AI format from File>Export.
I recommend cleaning up nodepoints in Illustrator via Object>Path>Simplify.
You can also make a Custom Shape.
Ofcourse this is all monochrome - you need to colorize later if needed.
This method works damn well with pencil sketches too.
Mathias
another solution (for the cleaning of Paths) is to simplify the image in PS, using Gaussian Blur, for instance.
The full technique is visible in the current issue (83) of Computer Arts (and I'm not paid by issue sold, so I hope that I don't breach any forum rule...)