I want to upgrade my PS Elements 2.0 from many years ago. Some features do strange things with Vista that they didn't do with XP. For example, yellows go very dark when converting to B&W. Does Elements 11 have white balance corrections? And does it open RAW files? I've been thinking of trying RAW.
D7100 D300, F4e, N90s, N6006, N2000, N6000, D40, N5005, black F2 eye level, chrome F2AS, black Nikomat FTN
Non Nikons: Pentax 645, Pentax ME Super, Minoltas SRT 102, SRT 202, Praktica LB, Kiev 4 rangefinder, Canons TX, A1
The editor portion of PSE has been enhanced significantly since 2.0.
I used 3, 5, 7, 9 before switching to LR4 and CS6, and found significant additions in each release.
I quit at PSE9 because it had a particularly buggy print module, and so I used LR3 with PSE9 as my back end editor, and I also started using LR's organization abilities.
I am guessing, but I expect that by PSE11 the print module is back in shape and the organizer is not bad.
At PSE9 I found its editing was everything I needed -- I only switched to CS6 because I got a mailed offer from Adobe for CS6 at $299 instead of its usual $699 price tag, and although I could see no visual difference, editing 16bit instead of 8bit images made me feel better.
In fact at this point I do most of my editing in LR -- but I do need a back end editor for certain things like cloning or major filtering.
So to answer your main question, I think moving to PSE11 would get you quite an improvement.
Does Elements 11 have white balance corrections? And does it open RAW files? I've been thinking of trying RAW. Elements uses Adobe Camera Raw to open your NEFs. The current version of ACR is 7.3, though I believe that Elements and the full-up Photoshop use somewhat different ACRs. In ACR, you can choose the usual WB presets or the WB Tool eyedropper. You can do a lot of tweaking to the exposure, contract, highlights, etc, as well as sharpening and noise reduction, before you ever get to Elements. You can save your settings and use them on a series of NEFs. Its pretty powerful, but I never use it. For NEFs, I use NX2 for quick and dirty processing and DxO Optics Pro 8 for the stuff I want to try and sell. To my eye, both give better results. I only use Elements when I need to clone out some distractions or perform red eye fixes.