ArcGIS 10.0 SP3 XP  Extract by mask worked for, if the polygon and raster were in the same projection.  It produced a corrupt raster when they were in different projections. (then again, my computer promptly froze up, so maybe something was going on with the network)  Clip in Data management worked if they were in the same projection, but the output included the entire extent of the polygon, not just the area of the polygon.  It froze up when they were in different projections.  So, it seems like things haven't really changed except for the location of the tools.