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Many thanks for the great responses!! One additional question: at higher levels, which of the mercenaries are the best for their class? Are tank mercs or cleric mercs more reliable when you reach 70ish+. We're really leaning toward SK/Chanty (and have started a couple), with two cleric mercs as back up. As long as the clerics can hold up at later levels, this looks like our winning combo. It just seems from what I know about tanks, it is MUCH more difficult to have a "late game" worthy tank (due to gear and AAs) than healer.
If you are playing a real tank like an SK, you don't need a tank merc. If you are playing any other combo that does not include a Warrior, Paladin or SK, you should use a tank merc.
My 80 Monk can tank mobs that hit for 3,500 but the Journeyman Tier II tank merc I bought does it better and requires less mana to heal. Mercs are not a replacement for real tanks but they are certainly well geared and can really "tank".
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After 16 years, I'm not listing every friggin character.