Cherie Irwin just pointed out that Adobe is offering to upgrade Elements to Photoshop CS3 for only $299 This is a savings of $350! If you are an Elements user and you were dreaming of CS3 better take advantage of this!
Notice that in the lower right corner of the e-mail that Cherie got is says to use Promotion code C5B775F3 and the promotion only lasts through 9/16/07.
8/28 Update: Apparently the promotion code above works only once. If you are a Elements user that wants to do this upgrade you'll probably have to call Adobe customer service to get your own unique Promotion code.