Below is my version of converting a colored photo into black and white. The whole process takes less than 1 minute. Try the preset and you will love it!

Before conversion

After conversion, photo enlarge to 66.7%

Video Tutorial
To learn more on how to optimize your photos using PhotoPresets, watch the videos below:
Getting Started with PhotoPresets for Adobe Camera RAW 4.1 (6:15, 17 MB)
Using the Presets in Adobe Bridge CS3 (6:48, 16.7 MB)
Advanced (26:32, 80.6 MB)

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