It's absolutely nonsense to assume photoshop elements is "less advanced" than the creative suite- it is an assumption made by those who've not actually used it because they use the CS. There is the tendency to assume that since the CS is more expensive, it's better. I can assure you, that is not necessarily the case.
The CS has more functions and broader resource allocation to be utilized by more advanced users. Elements is more like a streamlined version, simplified, but is still a powerful editing tool. It has the same editing capability, runs lighter, and requires less resources because the functions you are most likely not to use aren't there.
A rule of thumb is, unless you're doing large scale manipulation and require more resource allocation and speed, you don't need the CS. To answer your question more clearly, yes photoshop elements will be sufficient for what you described is the scope of your editing requirements. I now use elements exclusively.
I had an older laptop with CS3 and when it crashed, I had no way of transferring it, and could not afford the new version at the time. So I decided that for what I do, which is in and of itself, pretty involved, I could afford to see whether the $80 version of photoshop can stand up to the $600 version. It did, and I've not found a reason to spend so much on a version of photoshop that is more capable than I need it to be.
In fact, I rather prefer elements for its cleaner design and more user friendly controls. As the saying goes, different strokes for different folks. However, I would say that to splurge unnecessarily isn't particularly wise if you don't have to.
Coming from GIMP, I think you'll be pleasantly surprised. With what you'll save, buy yourself something nice.
So I just played a little bit with PS Elements, and no... It does not provide near the amount of features CS5 does. At all. It is very basic, and you might as well stick with gimp than pay for elements... I would suggest using their free trial periods.
Try elements first. See how you like it. When that time is up, try CS5, see if it's worth it (wait til you have photo jobs to work on before each trial!).
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