After a shaky start, I'm finally having some very good experiences with version 8. So much so, in fact, that I'm now ready to recommend it. On a clean, updated system with adequate hard drive space and RAM, it seems to run just fine. At least that's my experience.
In another thread, I mentioned that I'd set up Windows 7 32-bit on an iMac with Boot Camp and the program runs quick and flawlessly! (That's a dual-core 2.66 ghz with 2 gig of RAM.)
And, on my regular PC, I cleared off some hard drive space (giving myself at least 30 gigs free), defragged and run a registry and temp file cleaner and then boosted my RAM load up to the max 4 gigabytes. And, bingo, Premiere Elements 8 now runs just fine on my PC also! I'm confident enough in it that I've even started editing "real" projects in it -- and I can run Photoshop Elements, the Organizer and Premiere Elements at the same time (even with the Auto Analyzer and Background Rendering turned on).
And this is no spring chicken of a machine either. My PC is a 5 year old XP machine with a Pentium 4 HT running at 2.6 ghz.
I know that's no consolation for anyone out there having problems with this program. But I'm 2-for-2 at this point on two very different machines, so it certainly IS possible!