Without a doubt, drawing on the computer with a Wacom tablet, such as the Bamboo Tablet, is a lot of fun. Choosing one like the Bamboo Create or Bamboo Connect and using the tablet pen to let your imagination run wild on the monitor is awesome, as long as you make sure you have all the necessary Bamboo tablet drivers. In addition, some people think you should read the manual or go through a Bamboo tablet tutorial first, but I think the best way to learn how to use is to just practice. Draw a little bit every day and soon enough, you'll have a real skill at sketching and digital illustration with your new tablet.
Personally, the simplest Bamboo tablet is enough for my artistic needs, but those with more expensive tastes may want to move up to something like the Wacom Intuous. The Bamboo is pretty versatile, though: when you pair it with the right kind of digital illustration software, it's a snap to manipulate photos or other images, or even start working on your illustrations. You can even put together your own comic book, without ever having pick up a single piece of paper. Ah, the life of an artist in the 21st century...
One of the more interesting things about Bamboo tablets and tablet pens are that they are pressure-sensitive, which means that the harder you press down, the thicker the digital line you will create is going to be. There are also a variety of different digital pens and brushes that can be applied, meaning you have an entire repository of artistic supplies in this one USB-compatible device. It saves you space, it saves you time, and most importantly, it saves you money.
However, there are some flaws that you should be aware of when using a Bamboo Tablet (or any other wacom tablet, really). Unfortunately, creating digital illustrations means that you aren't creating actual illustrations, so there's no original art to hang in a gallery or sell to your fans. It IS possible to print what you have created digitally, but this will always technically be a reproduction. For some, this is a minor quibble, but it could be a dealbreaker for more serious artists.
Overall, I would say that paper and pen have a hard time competing with the versatility of a Bamboo tablet. After all, if I mess up an ink line in real life, I have to go through a strenuous process of applying liquid paper and waiting for that to dry before I can try again. But with a wacom tablet pen, all I have to do is hit CTRL+Z, and I have immediately undone my mistake! It's simply too convenient and beneficial for my art. I just can't go back to physical media. How about you?