I picked up Elements 10 for $49, on sale, back when Lightroom was $300. It made sense considering the pricing back then. But now, Lightroom makes much more sense.

The Elements RAW converter is intentionally limited.
Elements itself is intentionally limited.
Elements Camera RAW support lasts 6 months (so no new lenses or camera supported without shelling out more).
That brings us to Elements has no upgrade path, only yearly re-purchases at full price.
Also, product quality. The latest RAW converter for Elements 10 is horribly broken, and will never be fixed. That wouldn't fly in Lightroom.