I actually use several different techniques for painting flesh, all dependant upon the figure I'm painting, whether it's a character or not, the colour scheme and painting techniques used for the rest of the model and so on. I'll give you a run down from simplest, to most complext I guess...
The simplest is the old Flesh Wash over a black undercoated, Bestial Brown and then Skull white 'gunk brush', followed by an Elf Flesh highlight. I use this for my most of my Empire army, as I paint the Reiklanders white first, and then sort out the details afterwards.
Then the scheme I've been using for my romans is to paint Tallarn Flesh over the black undercoat, very carefully so as to ensure that eyes, etc... aren't painted. Then highlight with Elf Flesh. For the Legate, same thing, except IIRC I either added the new Flesh Wash (whatever its called) after the Tallarn Flesh, or possibly after the whole process, and then re-highlighted with Elf Flesh. I've tried using Bronzed Flesh with the new Tallarn Flesh, but it just doesn't work, completely different hue of colour. So I'm afraid that my Romans are a little bit pasty skinned for Italians...
And then of course the most complex or long-winded skin painting system I use is to go through from Chaos Black, Dark Flesh, 50/50 Dark Flesh and Bronzed Flesh mix, then 25/75 mix, then Bronzed Flesh, then a series of watered down Elf Flesh top-glaze highlights (using heavily watered down paints saves on mixing and blending when used for final highlights), with some final point highlights of Skull White. I've only used this system so far on IIRC my yellow Empire Wizard, the Averland Halberdier strip and the Nuln unit of Halberdiers. The reason obviously being that it takes a bloody long time to do, and also happens to be the same skin system I use for WH and 40K, well until Tallarn Flesh came out anyway...