I haven't been a user of PrEl in some time but I think this is still the case, that you get with Pro and not with Elements....NESTED SEQUENCES...you can do so much with these. Basically what you would now export out as a AVI and then import back in to use you can create timelines within timelines (nested). No need to render out. Group multiple tracks together as one sequnce, then nest it and apply new effects to whole thing. Create new transitions by layering them through nested sequnces. Create reusable sequences to play over and over in minimal steps. Save space... create mutiple edits within the same file....and more.
I've said this before...NESTED SEQUENCES ROCK.
You think I like them?