I see the new Photoshop Elements will have curves and distortion correction, plus some kind of enhanced black and white conversion and should cost less that $100. Together with Lightroom, that could be an interesting package.

JC

There is more information on Adobe's web pages, but there is at least one crucial piece of information missing:

Will it support ProPhoto RGB and softproofing?

Of course the web pages are very vague about the other features, too.