It's not uncommon to read questions like:
* "What's better? Photoshop or Elements?"
* "What does Elements not have that Photoshop does?"

Here are links to a couple sites with information that should help fill in the blanks.

This article by Richard Lynch is exceptional:
* http://www.graphic-design.com/Photoshop/vs_elements.html

Thread at Adobe.com:
* http://www.adobeforums.com/cgi-bin/webx?128@785.N1y6dFaDMrU.5@.3bb64bde

(.pdf) - Focus on Camera Raw:
* http://avondale.typepad.com/pixelupdate/photoshop_elements/CRs_PSEvCS.pdf

(.pdf) - Side by side feature/function comparison
* http://www.photoshopelementsuser.com/misc/Photoshop_compared.pdf