It rather depends on what I need to do, and the look that I wish to achieve. The Bevel has gotten better in PS, over several versions, but until recently, I usually used Extensis PhotoTools, or Alien Skin (both plug-ins), as they offered more control.
Where the effect is more prominent, I will create the work manually, or even use Corel Painter. It just depends on what I need, and prominent a role it will play.
For most uses, Bevel in PS is adequate.
Personally I like combining Layer Styles to make the very good looking effects they produce.