Even though my artistic skills are far from good, I don't give up on drawing. Although
my deviantArt page is not too impressive yet (gotta update it... especially my old and ugly Id), I still dabble in computer graphics, both 2D and 3D, animations and traditional art as well - simply because I like it.

Being a little bit of a legalist, I use only legal software, which for a long time meant only
Gimp to me. When I bought a tablet in USA (I will write a review some time in future), it came with bundled Corel Painter Essentials and Photoshop Elements - and it certainly made my day. Before buying it, I was wondering how much crippled down that version of Photoshop would be. I remember using Photoshop CS long time ago and being awed by the ease of use and software possibilities.
At first, the answer seemed to be "yes", meaning that indeed there is quite a lot of stuff missing from Photoshop Elements. But I started using it nevertheless, simply because I am not a professional and CS cost is prohibitive, especially here in Poland. In my limited everyday use, however, it turned out that only sometimes would I really miss anything badly from the full Photoshop.
So I started wandering that maybe the more esoteric functions are not really something a little amateur like me would really need. After all, I don't print my drawings, therefore I don't really need CMYK. Colour depth higher than 8 bits would be nice, but then again, will anyone notice the difference in my feeble attempts at digital painting? And if I miss
curves tool that much, maybe there is some free plugin to put me out of my misery?
As a result of my search, I stumbled upon
Richard Lynch's article that presents similar point of view, only from much more professional angle. The article then lead me to
his webpage, Hidden Elements, where you can actually download some extensions to Elements for free. As for the curves, I found out two great articles on how to add them to
Photoshop Elements 1, 2, 3 and
4, 5 as well, and from there I got pointed out to
SmartCurve plugin. Below you can see my PSE with Hidden Power effects and colour picker :

The final conclusions are that Photoshop Elements really offers good portion of the functionality of its more expensive brethren. What's more, many of the things that are missing, can be added with just a little bit of effort and no extra charge. Elements then turns into something almost as powerful as fully fledged Photoshop - without CS's hefty price tag, though. Of course, if you are an industry professional who smirks with disdain at Computer Arts article titles, then yes, Elements is not for you - but in such case you probably already own the newst Adobe suite anyways. For all the rest of us, however, Elements should be more than enough for most applications.
And if you still don't like it, you can always go for
Gimp...