Aside from a few filters and some really high end features it's actually more comparable to Photoshop than Elements. It reminds me of the way Elements used to be, a more basic version of Photoshop, now with all this file browser BS and attempts to make things easy on stupid users, they removed all the power and elegance from Photoshop.
I HIGHLY recommend Pixelmator, especially since it's blazingly fast. If they added dodging and burning tools (not just layer effects) I'd probably have switched already.
In other words, BUY IT!