Suzanna:
Welcome to RetouchPRO...
RE: 7 now or wait for 8? - Food for thought
First, if you purchase/install 7, you will be able to upgrade to 8 for sure.
When PS7 came out, for the first 60 days (I believe) you could get the upgrade for $139, less a $50 rebate from Amazon.com. I wouldn't be surprised if there's another upgrade incentive of that nature.
It's not generally known for sure when PS8 will be officially announced, but many signs point to the end of September at Photoshop World. That would give Adobe a lot of bang for the buck.
Regardless of when it's announced, there's usually a delay between announcement and actual availablity, so assuming an end of September announcement, you may not be able to get your mits on PS8 until mid-late October to sometime in November (again, speculating).
The last time around Adobe offered free upgrades from PS6 to PS7 if one bought PS6 within "X" days of PS7 being announced (I don't remember what "X" was because it didn't affect me at the time). I believe the complimentary PS7 upgrade was for those who paid full price for PS6. There's no telling what Adobe will do for those who purchase PS7 at the discount price. I have my doubts that they'd discount PS7
and give away a PS8 upgrade for free. But ya never know.
All that said I'm gonna jump on the bandwagon here, too.
Unless there's a compelling reason to get PS7 soon, e.g., you have client work with a hard deadline that only PS7 can produce, I'd wait until about October 1 and see which way the chips have fallen by then. Then I'd check the Adobe website to find out the details on the PS7 to PS8 upgrade window.
If you can get PS7 w/o additional cost to upgrade to PS8, you could get PS7, get it installed and at least get your feet wet with Photoshop while waiting for PS8 to shop. Given your Elements background, it will be a much easier transition to
PS than for one coming in without that experience.
Good luck... Hope this helps.
~DannyR~