Not sure if it's been mentioned here before, but a couple of the key things from the full version of Photoshop that are missing in Elements are Curves, Channel Mixer and Layer Masks on image layers (as opposed to adjustment layers).
If you head over to
http://www.earthboundlight.com/photo...ts-curves.html
and download the (free) actions file you can add these functions into Elements.
Using the channel mixer is great for doing B&W conversions, and once you get to grips with it, curves is far more powerful than levels.
I've been using the actions with Elelemts 3.0 on the PC for a few weeks now and haven't had any problems.
Hope someone finds this useful !
Regards,
John