I'm really excited today to see that Adobe has announced the new version of Photoshop Elements 7 which will be released at the end of September.  While it doesn't have a ton of new features, it includes:

Photoshop Elements 7
- an Actions player (available on the Guided Edit tab)
- a blur filter designed to smooth skin
- a scenecleaner function to element unwanted elements from your photo
- a text search in the organizer
- a brightness control for the grey interface (to make it easier to see)
- a smart brush tool which allows you to select an area, apply a mask and adjustment layer, all in one step

and with the Photoshop.com membership version ($40 more)
- new integration with Photoshop.com (previously Photoshop Express) an online editing and sharing site

You can read more or pre-order an upgrade copy (with free shipping to Canada) at the Photoshop Elements for Windows web site.