Here's another piece from the ProVideo Coalition. In this article, "Can a professional really use Premiere Elements 10?", Allan Tépper assesses the limitations of Adobe Premiere Elements 10.
In the piece, Tépper lists what's missing from Elements 10:
* Multiple simultaneous sequence support
* Multicam editing
* Time remapping
* Scopes (waveform and vectorscope)
* Encore for more elaborate DVD menu authoring and Blu-ray Disc authoring
* OnLocation for in-field monitoring and direct-to-disk recording, both from a camera with FireWire
* XML i/o for PluralEyes (although DualEyes will work with Premiere Elements)
* Easy direct interoperability with other Adobe professional programs like After Effects, Audition, Soundbooth, etc.
* Compatibility for full use of a professional i/o device like the ones from AJA, Blackmagic, Matrox, or MOTU
So the question is, do you need these features?
Also Premiere Elements 10 will run on the 32-bit version of Windows XP, Vista or Windows 7 while Premiere Pro requires the 64-bit version of Windows Vista or Windows 7.
So if you're not yet ready to upgrade your PC, Elements might just be the way to go.