I have reviewed Adobe Premiere Elements 8 here:
Product Review: Adobe Photoshop Elements 8 & Premiere Elements 8 - Associated Content - associatedcontent.com
I received the Adobe Photoshop Elements and Premiere Elements package from Adobe and my review of both products shows I do not recommend the Premiere Elements for video editing.
Note to Moderators:
While I understand this is promoting my review and wanting page views it is an unbiased review of the program I received from Adobe for reviewing purposes. I think this would be helpful for those looking into purchasing the software and wanting an unbiased opinion from someone who is reviewing the software as a freelance writer.