I like that Premiere Elements is easy to use for the average hobby video editor. It has a "Quick" mode, "Guided" mode, and "Expert" mode, making it easy to get used to the workflow, and work your way to slightly more advanced editing. Although I never used "Quick" or "Guided" mode, I appreciate this feature as useful for the beginning video editor who wants to scale up from iMovie or Windows Movie Maker.
I only used Premiere Elements because at the time, it was the software my organization was willing to invest in (instead of the Creative Suite, which I now use). Since I was already an intermediate to advanced video editor, I never used the "Quick" or "Guided" modes, skipping right to "Expert" mode. My gripes were what you could expect of someone who knows their way around advanced editing but doesn't have all the tools to carry out all the functions in this software.
The absolute worst time-sucking thing I had to deal with was the lack of an audio-video sync feature. To the hobby editor who is using video and sound from the same source, no big deal - from there, editing is pretty smooth. But I was using video and audio from separate sources, and this software just can't handle that. On top of that, there was no way that I found to link the video with the new audio file once I synced them on the timeline. Sure, I could link or group the video and audio together, but once I cut into that clip, I would have to re-link every snippet with its audio all over again. To get around this, I had to match the video and audio manually, and then EXPORT that whole file, and re-import it into the session - for EVERY interview clip, which takes hours for single projects, working with high quality video files. I managed to deal with this and get through several projects in this manner because I had to, but I am so grateful to save so many hours now with Premiere Pro.
If you expect only to do basic to intermediate editing with a video camera, or even video slideshows, this software is more than enough for your needs. But if you are a pro editor and need to be able to sync audio with video and use advanced editing tools, go straight to Premiere Pro.