minimum privileges required for a user
There is no need to grant the CONNECT role.  In 10.2, Oracle finally reduced the set of privileges assigned to that role to just CREATE SESSION but in previous versions, that role has many more privileges than the name would imply.

It would be more secure to create one users-- one that owns the tables, procedures, etc. but that does not have CREATE SESSION privileges and one that has appropriate privileges on the various objects that the application can use to connect to the database.  That allows you to do things like prevent the application user from dropping tables or from deleting data from logging tables.

Additionally, the owner of the tables is going to need to be granted quota on whatever tablespace or tablespaces that user's tables are going to be created in.  You could grant the owner the UNLIMITED TABLESPACE privilege but it is more secure to grant them a smaller quota on whatever tablespaces they actually need to use.