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PhotoShop Elements. What is that?

I am a PhotoShop user for quite sometime, and was satisfied with all the work I could do with it. But lately I saw a new product called "Photoshop Elements". I have no idea what "PhotoShop Elements" is and what it does. Can someone familiar with the subject give me an idea?
1 Solution
Photoshop Elements is a replacement for Photoshop LE. It's the "light" version that is minus a few features etc. Its the Uber-cheapy version of Photoshop for people who dont want to spring for the full $500 program or dont need the full deal.

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