I am never satisfied with Red Hat's version of the "minimal" option during an install. Their version of minimal install comes with unnecessary (IMHO) packages like bluez-*, various PPP and ISDN packages etc.
It is a pain to manually go through and "trim the fat", but I did. Here is the list of RPM's required for a bare-bones RHEL/CentOS 4.8 install. Note, to avoid breaking package dependences, I did not use --no-deps. There are a few packages which could still be removed (mdadm, dmraid, logrotate etc.) but I find them useful, so I decided to keep them.
# rpm -qa | sort | uniq | wc -l
You can download the list of minimal RPM's from here. If I find time, I'll also post the list of minimal RPM's for RHEL/CentOS 5.5.