Greetings,
To achieve this at ArcGIS 10 you will need to use the build footprints geoprocessing tool. (http://help.arcgis.com/en/arcgisdesktop/10.0/help/index.html#//001700000087000000.htm) A separate way to do this is to set nodata on the mosaic dataset (http://help.arcgis.com/en/arcgisdesktop/10.0/help/index.html#//00170000008q000000.htm). The define nodata will run raster as a GP tool but the results can be a little different, meaning the footprints will not change.
Hope this helps.
Robert