Choosing new software

Hello,
I am wondering if the new Premier Elements has the same functionality as Final Cut Express. My FCE is 4 years old, and I am wanting to get new software, but am unsure of which direction to go. My needs were a bit below all of what Final Cut Pro offered. Most of my editing is just in and out points with an occasional transition. But, I do not like imovie. I have spent too many years on a multi track editor.

Thanks
Reid Belstock