Is Adobe PS Elements 8 good?

I got a new Canon EOS T2i and Canon PRO9000 printer, and it came with a full copy of Adobe Photoshop Elements 8. Is this program any good? I know that Photoshop CS4/CS5 is amazing, but this looks like a glorified paint program.

I would only be using it for photo touch up. I am guessing it's better than Windows 7's Paint program? Is it worth the amount of space and bloatware? I am on a limited amount of space, and have to evalutate if it's worth it or not.

Just basic touch up. Most I have ever used is old Photoshop (from 2000~2001) to remove red eye, change brightness, etc.

I think so.
Although Im using PSE 9, and it actually is much more than a glorified Paint program.

I like it, & found was capable of many things the full Ps series is, as far as editing pictures & all the extra effects & tools.

Many settings in Elements at first glance are a "Auto Fix" type solution, but you can adjust each manually just as in the Full PS versions.

Its missing some of the Extra things Like Adobe Bridge, but I never used that anyway

At any count, if you are used to PS, you will find Elements has many of the same abilities. Just set up differently.

It also has Scrapbook, Calender, Greeting card makers.
Tons of effects such as a Beveling, Glass Button look, and Enhancing featers like various sharpening tools, De-noisers.

Its actually capable of quite a lot, but just like the full PS version, it takes a while to learn and navigate.

thank you all very much! I will be installing it soon. I wonder if it can be upgraded to E9 for cheap?