With your great help, I'm starting to understand better what is going on and I'm making progresses.
I resolved the XSetWacom problem by recompiling xf86-input-wacom.
Because X sever is version 1.7 and higher starting with Lucid, Xsetwacom is no longer provided with the linux wacom driver but with xf86-input-wacom. Like I said, I could not find a "Serial" patched code for a version higher than 0.10.6 so I used the code that I found here: http://sourceforge.net/projects/linuxwacom/files/
I'm also attaching the patch for those interested here because it is hard to find.
Voila! The only problem left is to initialize the tablet at startup. For further troubleshooting, I added these options in the Xorg.conf file in the Section "InputDevice" of the stylus:
cd Desktop/cd xf86-input-wacom-0.10.6 (or where you have downloaded the 0.10.6 source code)
patch -p1 < xf86-input-wacom_git-20100511.patch
./configure (don't change the prefix here)
make install (or checkinstall if you prefer keeping a trace in Sypnatic).
Option "DebugLevel" "12" # 1 providing the less info, 12 the most.
Option "CommonDBG" "12"
I have attached the new Xorg.0.log trace but you can see that it did not add much to it. When I initialize the tablet through wacdump, I get that strange log:
xf86WcmSerialValidate: bad magic at 2 v=e0 l=7
That's all for tonight!