Lets me preface this arguement first by stating this post is not based on technical details. So you computer geeks are going to be sadly disappointed if you are looking for a hard core comparison! 
That being said;
I think Both programs are awesome. I not only have Photoshop Elements 7 but I have the good ole Photoshop 7 too. I cant afford Photoshop CS4 and even if I could, honestly it just has to many bells and whistles that I’d not be able to dedicate the time to ever figuring out how use anyways, so I’ll stick with what I have for now. If it aint broke- dont fix it.
I just recently got the Corel PaintShop Pro 2 and I have messed around with it less than 30 minutes total and it is pretty amazing and lots of fun to work with. I mean you could get lost in there for hours messing with just one photo and having a blast. I spent about 5 minutes on this photo. Didnt do anything other than apply a filter and adjust the contrast, so you get to see me as is here, sunspots and all!
If you want a fun program with lots of bang for your 99 bucks give this bad boy a spin. You wont be disappointed.
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Thanks for swapping your blog with me! I have photoshop CS3, and I bought it from Amazon for like $400 less! It was crazy!
-chelsey