This works only when your edges are consistant (eg. all hard-edged) to begin with.
Notes
Additional selection methods
Vector based selection using the pen tool
Based on color using Color Range (Finder -> select -> color range).
Notes
Soft Edged (Partially selected pixels)
Without partially selected pixels, the selected areas will have crisp, jagged edges.
But most photographic images don't have crisp edges.
For graphics/fonts, a technique called anti-aliasing is used:
Anti-aliased
No Antialiasing
Notes
Refining selections using the Masks Panel
Use a selection tool (for example, Quick selection) and make a quick (hard edged) selection.
Create a layer mask based on that selection
Open the Masks Panel (if you don't see it double click on the layer mask
Density: controls transparency of the mask
Feather: blurs the layer mask. Hard edged to soft edge.
Notes
Select -> Slect and Mask
This video starts with out a selection. I prefer to start off with a selection to make available to myself the full selection tools
before I go into this utility.