For anyone interested Adobe Premiere Elements is now on Ver 4
Im not sure it isnt just a minor upgrade from 3..
http://www.adobe.com/products/premiereel/
The much touted ability to make BluRay discs is a little underwhelming.
At this rate Blu Ray blank Media ,PC burners and players will not be commonplace before the release of ver 6 or even 7!

Photoshop Elements is now on Ver 6 as well