Worth it ! Dumped CS3 and installed this. Much better for the kind of work i do (Basic photo editing, applying a couple of filters and converting to different file formats) and it can do basically anything (within reason) CS3 can do. It also looks more impressive than CS3 ;-)
Apparently for many light users Elements is just what they need. My needs at the moment extend beyond simple touch ups and pixel pushing so for now at least the full version stays.