I just attended a workshop on Photoshop Elements 7 and have to tell you that I'm excited about using this software! I've used Photoshop for years, but wanted to learn about this "consumer version" of Photoshop. This isn't just a stripped down version of Photoshop, folks! Most of the tools you would ever want are included and Adobe has added many enhancements, including a wonderful organizer for your images and photos. The editor is fantastic, with many quick tools for enhancing and stylizing your photos.
Photoshop Elements is available for faculty and staff departmental use via the U of M's UTools licensing program.