I had to downgrade to Elements when my nice computer died. Yep - shadowing is kinda a pain in Elements, IMO. I missed the control I had in CS5. I also missed the ability to warp the shadow. OH - warping, period. I missed the liquify filter. I didn't realize, but I guess I used that more than I thought (this was for editing photos more than scrapping though). And jounaling - I couldn't do a text box like I always did in CS5. It's really nice being able to select around where I want the text to go and then make a box for it. I journal a lot on my pages, so not having this option annoyed me.
Good things about Elements - it does pretty much everything else I needed. You can shadow fine if you don't mind not tweaking things. The liquify filter is just an added perk for me. And a text box isn't too big of a deal - it's just a really handy feature. BUT! What elements has that I love is the photo bin thing. I love having everything there in the program for me to grab at leisure. And I like the color too - I like the black design and that all the tools on the left are in color (it's doesn't really matter the colors - but I just like them)