A while ago I wrote this post comparing a Logitech Mouse, the Magic Mouse, and a track pad. Nine months later, I have switched complete to a track pad, which is not only much better for navigating the Mac Lion OSX, but I also find it highly accurate for drawing shapes and general slide design work.
The key thing that I had to learn was to move things around not by using the old PC method: click the track pad and hold it pressed down while moving your finger, but work with 2 fingers: one presses the track pad down, the other one moves the object. Once you get the hang of that, your movements are as precise as with a mouse.
My pile of obsolete hardware is getting bigger.