11 Replies
Steve Flowers

Here's what I found about Photoshop Elements ($99):

"Elements will ask to convert 16bit files to 8 bit and CMYK files to RGB. Other than that it will open all Photoshop files, and if you do a save as and don't overwrite the original it will not harm the 16bit and CMYK files."

If you don't want to spend $$ on Photoshop Elements, I think you can convert most files using XNVIEW and / or GIMP. Both are still free as far as I know GIMP is actually quite good as a replacement for Photoshop. Inkscape is a great replacement for Illustrator. For the price (free) these are great tools to have in your toolbox. I own Photoshop and Illustrator - I still have Inkscape and Gimp installed.