I'm using Premiere Elements 11, and for basic editing, it works pretty well. However, there are some fairly serious issues with it that you don't really notice until you've used it for a while.
First and foremost, the biggest problem is that the export options absolutely suck. Not the range of options, because that's relatively ok; it's how they're laid out that's the problem. You have to use this convoluted overcomplicated "publish and share" section instead of a simple export menu. You might think it's great when you see that you can upload straight to YouTube using this menu, but the settings available using this option are horrible. Don't use it. After selecting "this computer" as the destination, the different file types are categorized by application (e.g. Flash, Quicktime, Windows Media, etc.). The really shitty thing about this is that every category has different export options available, and there's no way to see all of them at once. Even if you make a custom profile, which you'll have to because the presets are awful, you can't veiw all your options! You're still bound by the category you have selected. This was something that got old really fast when I had to test out different export settings.
The options when starting a new project are also pretty bad. There's no way to simply tell it specifically what you want. You are required to pick from a list of presets. You'd better hope that one of them at least comes close to what you want.
This is pretty minor, but the text frame options are really poor, and pretty buggy as well. Plus, for some reason, if you copy and paste a text frame, which you may want to do if you want the same settings, but with different words, it doesn't really make a copy. For some fucking reason, it makes an instance. Which means that when you edit the text on the second frame, you'll change the first one as well. That means that for every text frame, you need to start from scratch from the default settings. I've found it's a lot easier to use Illustrator for my text, export a PNG, then place it onto the video.
The timeline has a nasty habit of incorrectly assuming what it is you want. This one's hard to explain, but I'll try. Say, while editing, you come accross a situation where you're cutting things out, and your commentary track starts a little bit before the cut in the video track. This happens to me all the time. When you close the gap, it will overlap with the previous section of the commentary track. Well, to fix that, you just cut a bit off the end of that earlier section (assuming there's no dialogue there). Now the cuts aren't in the same place as the cut in the video, but there's no overlap. If you close the gap with the tracks that way, it will cut off part of the video where the commentary track would have overlapped. In short, because a completely separate track overlapped with where the video is, Elements assumes that those two tracks shouldn't be playing together, so it cuts off the video. This specific issue is easy to fix, but it's still incredibly annoying. And this is only one of the problems of this nature that occurs.
There are some other minor things as well. These are the biggest issues for me personally that I can think of. I would definitely like to upgrade to something better, but I am vehemently against the idea of paying a subscription for a piece of software. If I could just buy Premiere Pro outright, I would. I'd even be happy buying an old version, but I can't. Once I have a better job and can afford the monthly fee, I might just stomach my disgust of the idea and get the Adobe CC package. For now though, I'm willing to tolerate Premiere Elements' many flaws instead.