They just recently came out with DL DVD -R, before that there was only DL DVD +R. The +R DVDs will be just fine, that is the same thing that Hollywood uses for its DVDs. There is a difference in the burning process that makes Hollywood DVDs compatible with all DVD players, where as the DVDs the consumers burn are only compatible with about 80% of the DVD players.
My favorite source of information for just about everything
http://en.wikipedia.org/wiki/DVD
You don't have to flip the disc over or anything, Premiere Elements will recognize the DL disc and burn the 2 hours at Max quality