There are several additions to Elements 2, most of which carry over from the Photoshop upgrade from PS6 to PS7. The problem there is that many of the features for PS7 were most useful for long-time users (IMHO). In other words, there isn't a lot of stuff that they moved over that wasn't just an update. They added a Selection Brush...which is just another implementation of Quick Mask (you can get it in my free tools). The other interesting item is Quick Fix, but I haven't tested it and don't advocate it over more controlled corrections. There were lots of enhancements to existing features. Some people tell me they get a lot more from
Hidden Power than the upgrade. One of the primary reasons for the update was apparently compliance with XP and OS X, but I don't know how much that really applies to Windows users -- I've not heard a lot of trouble being reported by XP users running Elements 1.
Adobe has a complete reference for the changes that occurred, and I'd look at that to see exactly what you might be missing:
Adobe Spec for New Features in Elements 2
If you are REALLY curious and have a fast connection, you can also download a trial version and install that. It's a pretty big download.
Adobe Elements 2 Tryout
Hope that helps.
Richard Lynch