Digital Outback Photo have published a brief preview of Adobe Photoshop Elements 3.0.

“Even if Camera Raw (ACR-E) for Elements 3 does not support the full functionality found in PS CS Camera Raw 2.x (read our review and/or get one of our e-books) it features all(!) the key tools from ACR. To be honest we hardly use in PS CS any of the features not available in ACR-E.

ACR-E even allows you to open the converted file in 16-bit mode!”

Website: Digital Outback Photo - Adobe Photoshop Elements 3.0 Preview