This release -- version 9 -- offers some pretty cool features, like optimized editing of HD video and those neat photo books (much like the ones you can create with iPhoto). They're a big hit with Grandma.
Much more powerful technology is behind the Photomerge Style Match feature, which is smart enough to match the style of one photo with another. Let's say you've got a beautiful landscape shot with ominous clouds, sparkling water and an impressive foreground, all perfectly exposed. Another picture is completely washed out and would be better if it looked like the former. Photomerge Style Match does its best to make that happen. You can watch a short demo video here.
There's much more to this software, so go and read the details. Adobe Photoshop Elements 9, which is also available now, and Premier Elements 9 are priced at US$99 each. You can buy both for $149. Mac and Windows versions of the applications are included.