Yes. Elements will be enough for what you do.
Here's a list of stuff that I've found:
No actionscripts, no masks, no CMYK color, only a few preset shading effects (the entire layer effects dialog for buttonizing, shading, glow, etc is gone), single text anti-aliasing setting (no crisp, sharp, etc), limited batch processing (image resizing and renaming only), missing the cool new stamp tool in PS7.0 (I forget what it's called).
I got PSE 2.0 mainly to use for webdesign and some image manipulation and the software has worked fine for me. For the most part, I've been able to get around some of the missing features by manually creating the effects (drop shadows, glows, etc). The missing text anti-aliasing options are kind of annoying and actionscript support would've been great, but other than that, I've been happy with my $25 PSE 2.0.
