I've just moved over to Premiere Elements after upgrading from Pinnacle Studio 9 to the hugely disasterous Studio 10.
After spending hours struggling with past versions of Pinnacle Studio and having the latest version crash on me every 30 seconds, I finally realised that I needed something else (before the computer ended up flying out of the window).
Premiere Elements really is a breath of fresh air - it needs a reasonably decent spec system to run, but is responsive and feels much more professional than other video editors I've tried in the same general price range.
There's a much steeper learning curve with this product than for other consumer video editors, but once you get used to how Premiere behaves, everything makes sense. I spent a while at first trying to do complicated crossfades using the built-in transitions without much success before realising that with Premiere Elements' multiple video tracks you can layer video, fade and filter to your heart's content without having to drop in pre-made transitions (although you still can if you choose).
Overall, I'm impressed with this product. It's worth taking the time to learn it properly in order to get the most out of it, but you can put together a decent video without having to learn anything complicated.
My only criticism would be that Premiere Elements doesn't seem to know what it's trying to be. One minute it holds your hand like you're a complete novice, the next minute it drops you into an interface that has you reaching for the manual every five minutes. And then when you've got the hang of things, it offers you help to do something incredibly trivial... Still - if you can cope with the interface, you're onto a winner.
And it doesn't crash every few minutes. Bonus!