forum discussion http://forums.dpreview.com/forums/read.asp?forum=1006&message=33684832
Here is how I approached this challenge. The only limitation that I didn't address is making the size of the tab adjustable. However, this limitation would also be true with real photos and tabs. The tab would remain the same size, regardless of the picture size.

Use PS on a representative test image to create a single tab with embellishments, or scan a real photo tab. Save this image as PSD (with transparent background) to run in an action:
Open an picture image and, if necessary, match the resolution to the corner tab image for desired proportions.
Copy/paste the tab image as a new layer. The placement position doesn't matter. That comes later.
Add bevel/emboss and drop shadow as desired.
Duplicate the tab layer 3 times for a total of 4 corners
Rotate the 3 duplicates for their correct orientation.
Select all and save this selection of the actual picture image
Change the Background layer (image) to a regular layer and add a new layer positioned at the bottom of the layer stack.
Enlarge canvas to provide an "album page" background. Fill bottom layer with color and texturize to taste.
Load the image selection and transform the selection to enlarge it by a couple of pixels (This will allow the corner tabs to extend a little beyond the picture for a more realistic effect.)
Select the move tool and on each corner tab layer use the align buttons to place each into its corner of the selection.
Deselect.
Return to the image layer and add a very small drop shadow.
After the action has run, you can go back and tweak any of the layer styles or colors.
After everything is working OK, you can also add an optional "flatten image" to the action.

I made tabs white, but any color could be used, or add a hue/saturation adjustment layer to make them any color desired to compliment the image.