The specific functionality that you mention is not all in Photoshop, even in the CS3 release. Specifically you cannot (that I know of) fit type into a shape (unless you are talking about masking).
There is a complete tool list on the site:
http://www.hiddenelements.com/hppe4_tool_list.htm
Specifically for paths, the following are included:
Set: Power_Paths
Combine Paths
This tool will combine paths. Be sure the paths to be combined are on the same shape layer and active.
Delete Clipping Path
This tool will delete any clipping path assigned to the current image with the Make Clipping Path tool. If no clipping path exists, an error message will appear.
Make Clipping Path
This tool will create a clipping path for your image. Be sure a path is visible and active in the current image.
Shape From Selection
This tool will make a path and shape layer based on any selection. The selection should be active in your image. Choose the Tolerance and color in the dialogs that follow.
Shape From Text
This tool will create path outlines from any text on a currently active text layer.
Elements has almost no vector tools natively. I had originally done quite a lot with vector functions, but ended up abandoning that because it seemed fewer people were interested than I'd have thought. It is unlikely that i will be adding base functionality that Photoshop does not support.
OK?