Not much. It’s almost perfect.
I teach Photoshop Elements. I have used every version for Macintosh and Windows from 1 through 9. I am very familiar with this excellent application for editing and enhancing digital images.
Adobe tweaks each incremental upgrade to Photoshop Elements, or PSE, to improve the user experience and to stimulate sales of a software product that was just fine in the previous release. Most of the major features of PSE9 were in place in the landmark version 1, which indicates there is much to applaud about PSE during its entire life cycle.
For its modest price, PSE has exceptional value. Only a tiny percentage of amateurs require the robust professional and costly experience of “real” Photoshop CS, currently in version CS5.