I have researched looking for MM style organizer for pics, and tried about 5 of the top ranked programs over the last 5 months, and i boiled it down to these two.
In short I want a strong tagging feature and face recognition. I felt Elements is the better of the two in terms of MM style, you just have to enable the library view if you have your folders organized well. (I almost Adobe until i finally found this feature). So as it stands i am ultimately using Adobe BUT -
Adobe also has a great "Calendar" interface where it looks like a calandar with thumbnails for events, nice for going through with friends and family.
Picasa is far superior in its face recognition interface, the ability to adjust its precision and mass "mark" them is waaay faster than adobes and smoother. So what i did was use picasa for this, but apparently Picasa will not write the face recognition tag to the file(notice why i used "mark" instead of tag). So what you must do after you finish is create a custom tag with their name "John" and then within picasa select them and retag the photo so it can carry over to adobe. I assume in the future this will not be the case.
Also I am an Photoshop user, so its a bit easier for me to be in Elements environment than a standard user I think, so for the rest of my family I install Picasa for the ease of use.
and a major Plus one for added support in MM, a Picture library would be awesome.