Article is not dated, but one serious thing wrong with the articles comparison is that it keeps talking about Photoshop 5.5 back in 1999, and dwelling on about how it works on one file at at time, and keeps mentioning multiple times how Lightroom works on many Raw files at one time. Apparently they have never seen a newer version of Photoshop.
It is the same Raw module in both (in all three actually), and does the same things (Elements does omit most of the Raw tool tabs except Basics). But specifically, from PS Bridge (and I think from Elements Organizer), you can open hundreds of Raw files at once. Same advantage that way as Lightroom catalog. It is the SAME Raw module.
Probably a moot point since the $640 vs $150 price will decide for most, but...
Strongly questionable statements like these quotes from the article:
Before I started using Lightroom, Photoshop CS5 was my main program for editing numerous RAW images and I must say, it took me ages to finish a wedding. With Lightroom, I can do it in a few hours and with fewer mistakes because of the non-destructive processing and Catalog system. (PS ACR is every bit as non-destructive, and every bit as fast on multiple files. It is the same Raw module.)
On the other hand, PSE offers some basic Catalog and Organizer functions, and in that way it is again similar to Lightroom. (And Photoshop does not? They never heard of Bridge? )
Photoshop Elements is much less complicated than Photoshop and thus quicker to use with fewer tools and fast operation. However, it’s still just as inconvenient when working with a large number of images, especially RAW, simultaneously. (absolute nonsense, they ought to try PS ACR once - it is the same module.)
Photoshop is still better for extensive professional retouching, excellent plugin system for third party applications, manipulation and graphical work, while Lightroom is much better for RAW files and processing large number of images quickly. (absolute nonsense)
The main purpose of Lightroom is to help you manage, sort and post-process huge numbers of photographs as quickly as possible. (PS ACR is the same thing, and does the same thing.)
Adobe Photoshop – complex image and graphics editing software package designed for editing one file at a time. Mainly targeted at graphic artists. (one file is simply not true of PS ACR... it is the same as in Lightroom)
I really don't think they have a clue how Photoshop ACR works (I am referring to at least PS CS4, CS5, and CS6)