Ok, poked through a few random raws in it. The drop down list showed all, or rather, the lack of lens support at this stage. 26 Canon, 14 Nikon, 2 Sony and 1 Tamron didn't look too impressive. Sigma blows them all away at 54! Where it might have long term advantage over DxO is
I managed to find a shot in raw with supported lens for it to chew on. 50D with 15-85 at 15mm f/5.6. In sharpness and detail, ACR has an edge over camera jpeg which applies much more noise reduction. The detail difference does seem significant, and is still visible zoomed 50%. And it operates faster than DxO. It successfully removed red/blue fringes and does not have any negative impact on image quality I can see. It also does a decent job on vignette removal.
I'm starting to hate the interface of CS5 though in two ways. It is too much print-centric, whereas I'm very pixel centric. Units of cm or inches have no meaning for me. The other is the interface. Elements is optimised it to give more ready access to common adjustments. In CS5 there are too many menu levels to go through to reach the same. I found myself copy-pasting between CS5 and Elements for different edits as it was quicker and easier than using just one or other by itself. Hardly elegant.
All considered, if CS5 was under half its price, I might get it. It just doesn't offer enough over Elements for it's corporate milking price tag. If lens corrections makes it into Elements I might get it just for that and start using raw more...
_________________Canon DSLRs: 7D2, 7D1, 5D2, 1D, 600D, 450D full spectrum, 300D IR mod
Lenses: EF 35/2, 85/1.8, 135/2+SF, 28-80 V, 70-300L, 100-400L, TS-E 24/3.5L, MP-E 65, EF-S 10-18, 15-85
3rd party: Zeiss 2/50 makro, Samyang 8mm fisheye, Sigma 50/1.4A, 150 macro, 120-300 f/2.8 OS
Compacts: Sony HX9V, Fuji X100.