Seems like GIMP's intelligent scissor is based on a paper from SIGGRAPH '95 on "Intelligent Scissors for Image Composition", as seen in one of the comments in the source.
However Magnetic Lasso in Photoshop differs a lot, while GIMP's tool gives users an option to click vertices of desired figure and approximates along edges found in the image, photoshop's magnetic lasso on the other hand, gives users a way to run freehand and gives something between computerized approximation and what the user desired to draw.
Looking at this behavior its quite obvious that Magnetic Lasso style selection would quite cool for selection in touch based interfaces. Any pointers on how magnetic lasso differs from the GIMP's tool? Any specific papers/algorithms to look into?