Roy G writes ...

The big problem with Elements is that you can not select which Profile
to use as Working Space, it just seems to use Adobe RGB.

Edit - Color Settings lets you pick between 'no color management',
'limited color management' (sRGB) or 'full color management'
(AdobeRGB). I think it actually defaults to sRGB and you have to
change it to get AdobeRGB (this is with Elements 3, may be different
with 4 or 2).

Also, if you open a file in a different color space like, say,
Ektaspace, it recognizes the profile and lets you work in that space
for that file.

Bill