Looking at the two, I'd probably go for the pen and touch. But for a better answer, you should get the opnion of somebody who owns either one.
I'm not really bothered about the Touch function, since you're going to be drawing with the pen, not your fingers. I understand what SoConfused said about resting your hand on top of the tablet, but I would have thought they took that into accound in the design. I don't think many people do not rest their hand on the tablet, espcially when you're working on something that's A5 size.
There are 2 key things I noticed from the tehcnical stuff:
- 2540 resolution for P&T, 1270 res for P.
- 1024 pressure levels for P&T, 512 for P.
$30 for double resoultion and pressure levels is not bad. Plus you get the Touch function, so you won't be going "What if ..." after you purchase it.
It also has Photoshop, but I'm not going to say its better than Corel Painter since I've never used it, plus some people favour Painter over PS if they like working with traditional methods.
In any case, Photoshop Elements 9 costs $69 for students. The only difference it has (for me) is that it doesn't allow Custom Brushes - but the provided brushes in Element are enough.