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I bought it a couple months ago when Amazon had a similar deal. Haven't played with it much, but it seems well-featured enough for $29.
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I'm wondering the same thing.
The reviews at mupromo indicate that people who have both are using Pixelmator more than Photoshop Elements.
However, Elements was just recently upgraded and Costco will be having Photoshop Elements on sale for $30 off starting Nov. 11. That should price it at about $49-$59.
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PSE is by far more full featured and mature, but costs more and takes more resources to run. Pixelmator is lighter on its feet and better suited for quicker edits.
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I've been waffling on buying the acorn 2 update for $20. With this being $30, I just may grab it.
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Got it from Amazon for 15 a while back from a post here. Don't know how often they do that.
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It is a really nice program. I have photoshop, but often for a quick picture fix, I just fire up pixelmator - it starts in 1 second and it is very mac-like and easy to use.