I use Lightroom as part of my workflow. It is a great way to organise and edit a lot of photos quickly. It has great editing tools, but I use it with cs5 as there are things I'd prefer to do in photoshop. Like cloning and running actions.
They are slightly different tools really, but I guess you pretty much could use Lightroom exclusively.
I believe elements doesn't have curves. Lightroom does and would be a cheaper way of you getting that control.
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