Thanks a ton for such a detailed and nice reply Wayne!! Well I tried searching on the internet a lot and posted my questions in a lot of other forums too but could not find such info anywhere.
I got a bit frustrated and ordered the SB800+Sunpak433 last night and it has already been shipped from B&H. And I missed the info that 433 does not have a manual mode . I hope I did not make a huge mistake by buying the 433 (well $80 matters a lot to me. I'll not be able to buy anything or go anywhere for the next couple of months because of this $440 purchase of flashes+batteries).
I guess I will learn more about it once I get the flashes+manuals in hand. I am also trying to keep an eye on ebay items. But if you think I could utilize the $80 for the 433 in a better way by buying a fully manual flash then I will probably go ahead and exchange it without opening for the 383. It will be a couple of dollars more but if you think it's worth it, then I will go ahead and do it. I might even go to NYC the coming weekend and might save some buck on the shipping.
Edit: If I understand your explanation right, I guess I will still have to find some kind of triggers or cables to use any of 383/433 in the slave mode. right??
Please let me know what you think.
Thanks a lot, Tulasi
PS: Once I know a little more about flashes. I will compile all the info that you gave in here with a little newbie talk and make a web page out of it so that other beginners don't have to go through all this (well I consider myself very good at googling things but this time I failed real bad. I'm glad I'm a part of Nikonians). How do we ask the moderators to make this thread sticky?? This will answer a lot of newbie questions.