Can anyone please share different techniques on converting digital shots to BW in Photoshop? What process do you use - it would be great if I can get a tutorial on that. I know its time consuming - but I guess there are different techniques in PS for this conversion - so which one suits better would be evident with some samples. I am really interested learning this.

If you want a predominantly black and white photo with a color accent on one part of a picture, use a gradient mask. Gradient masks come in different colors, you can choose whichever one suits your purpose. Make sure your default colors are black for the foreground and white for the background. Using any brush, paint the part where you want the color to be seen. The color should appear while the parts you haven't painted should remain black and white.