I've noticed a few misunderstandings on the LOMGroup at Yahoo Groups concerning Photoshop Elements which I've addressed there but want to address here too.

First is the myth that keywording/tagging in Elements 5/6 cannot be transferred to other applications. Wrong! Keywording/tagging is very easily transferred although Elements does not do it automatically (neither do some other popular programs such as ACDSee).

To write your keywords/tag info:
1. Select File menu.
2. Select Write Keyword and Tag Info to Photos.

Photos in jpg, tiff, psd format will then be written to with the new information in the IPTC keywords field which can be read by any other IPTC compatible program (Bridge, Lightroom, ACDSee, Elements, etc).

Second, if you have an older version of Photoshop which didn't ship with an organization tool called Bridge, there are some cheap/free solutions for you to keyword/tag your photos.

Free
Windows Vista Photo Gallery allows you to keyword your photos.
Mac users can use iPhoto.

Cheap
ACDSee Photo Manager is $50 and allows you to tag and sort your photos.
Photoshop Elements (around $99) also allows tagging (as well as editing).

There probably other solutions, but these are the ones I am familiar with and can be used easily/quickly.