Looks like a worthy update to the Photoshop family. I’ve admired how many of the high-end photoshop features are available in Elements. For most photographers, this software can do 90% of what you use photoshope for 80% of the price. Check your ego with your wallet and perhaps you don’t need to spend big money for the full version anymore.

From Adobe’s Press Release

Create Great Photos with Powerful, Intuitive Tools in Photoshop Elements 11

Make photos look their best with editing options that offer virtually everything from quick fixes to a number of creative possibilities:

  • A completely refreshed, user-friendly interface featuring the same engine as Adobe Photoshop – the industry standard for digital imaging – includes easily-navigated Quick, Guided and Expert editing modes; one-click options; a helpful Action bar; and big, bold icons to help users get the most from their shots
  • Organize photos based on people, places (via Google maps geo-tagging) or events easily and intuitively
  • New Guided Edits make pro-level effects like tilt-shift, vignettes and high and low-key easy to create
  • New filters – Comic, Graphic Novel and Pen & Ink – inspire creativity by turning photos into stunning illustrations
  • Intelligent Photoshop technology makes it easy to extract objects from different photos
  • Easily share photos via email, Facebook, YouTube™, Vimeo® and more†

Pro-quality Videos Made Easy with Premiere Elements 11

Create attractive, pro-level videos with automated moviemaking options to take the work out of editing:

  • An entirely new and improved user interface including many of the same updates found in Photoshop Elements 11
  • Add polish with a wide range of great-looking effects, transitions, themes, titles, disc menus, and professional-level effects and sound
  • Give videos Hollywood movie styles with FilmLooks; easily apply slow and fast motion effects; dial-in colors with slider controls; effortlessly integrate blends for seamless transitions; and make adjustments with Quick Presets
  • Show off finished creations with integrated video sharing on Vimeo†

Here is Adobe’s promo video. It does a much better job showing just how powerful elements has become.