Matt K thinks the new version 11 of Photoshop Elements that was released a few weeks ago is "the best version of Elements yet." And frankly I would trust Matt over just about anyone to make this call since he's been co-authoring the popular Photoshop Elements xx Book For Digital Photographers for years and has recently been updating this book for version 11.
The post that Matt has over at mattk.com has a really nice summary what the full version of Photoshop has that Photoshop Elements 11 doesn't have and what are the features that are the same between Photoshop Elements and full Photoshop.
Over the last several years Elements has been getting a lot better and I recommend to beginning real estate photographers that springing for the full version of Photoshop isn't essential. Sure the content aware tools, more RAW features, smart objects and adaptive wide angle correction are really cool and can save you time but if keeping your expenses under control is a priority they are not essential.
Oh ya, one other detail that affects Mac users. I noticed that the Mac App store still only has Elements 10. My guess is that Elements 11 is still on it's way through the Apple approval process and will be in the app store soon. To me, it's worth the wait to be able to buy it through the App store! Life is too short for keeping track of CDs or dealing with the Adobe Store.
Update Oct 8: There is a free 30 day trial for PSE 11 here: Adobe site.