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Photoshop Elements vs. Photoshop

If you have not made your choice yet, you may want to know more about the differences between Photoshop and Photoshop Elements. In the author's opinion, the most significant limitations in Photoshop Elements are:

Missing Feature Purpose Who Cares Comment
Color Balance color adjustment wide audience This undocumented function can be unlocked in PSE v. 1, 2, and 3
Curves tonal and color corrections advanced users This undocumented function can be unlocked
Channels palette color adjustment advanced users You still can edit color channels separately by using the Levels dialog. Direct editing color channels requires unlocking
CMYK colors pre-print image processing printing industry pros It doesn't matter if you print your image with your jet printer or in photolab
Transform selection selections wide audience This undocumented function can be unlocked
Quick masks selections wide audience This undocumented function can be unlocked
Layer groups manipulation, design wide audience You can't change handle individual layers in a layer group (for example, when working on file created in full Photoshop). This problem may be solved by ungrouping layers.
Some Layer Style functions manipulation, design wide audience You can't, for example, create a separate layer from layer style. This feature can be imitated.
Layer masks retouching, manipulation wide audience Elements naturally supports only adjustment layer masks. Regular layer masks require unlocking
Smart objects non-destructive transformations advanced users This undocumented function can be unlocked
Smart filters non-destructive filtering advanced users This undocumented function can be unlocked
Pen tools design advanced users You can't create or edit vector paths and masks. This may be partially resolved by creating path from raster selections and preset shapes.
Vector masks design wide audience This undocumented function can be partially unlocked
Paths design advanced users This undocumented function can be partially unlocked
Actions palette automating work wide audience you can use the existing actions (prepackaged macro commands) available in the Effects palette; however, Elements won't let you record custom actions.
Some Web components web graphics web designers You can't slice images; comparatively weak GIF animator, quite sufficient though to create a simple animated banner or button.