NX2 or Elements 8?

I shoot only in RAW (is there any other way) and am currently using PSE 8 for processing. I have downloaded the trail of Capture NX2, and one day I like NX2 better, and the other Elements. I like the way it is easier to get the details out of the shadows without creating noise in NX, and I feel it does a somewhat better job than ACR in setting the white balance and tint. Any thoughts on which is the better program, or are both needed, depending on the situation.

All depends upon your workflow.
I choose to do basic editing only with my RAW converter while doing the majority of postprocessing with an image editor that allows me to use adjustment layers and the important ability to use layer masking for localized editing (e.g. PS/PSE/PSP).
If you do most (or all) of your editing with the RAW converter, then NX sounds like your best choice. Of course, if you buy NX, then you'll have both anyway, right?

I'm a big fan of NX2. I use it for 90% of my editing. I find it more intuitive and the selection controls easier to use than PS. I also like how it creates its own "layers" for each editing step. The only thing I've found that it doesn't have is a clone tool ("auto retouch" doesn't always do the job). It's also a huge memory hog so max out your RAM. I send an image to PS only when I need a plug-in (Silver Efex, Sharpener Pro, etc.), cloning and for printing.

(Does anyone else find it odd that you can't use the Nik plug-ins with NX since they are made by the same company?)

Does anyone else find it odd that you can't use the Nik plug-ins with NX since they are made by the same company?

They aren't the same company. Nik is not short for Nikon - so Nik Software is its own company. Nikon makes Capture NX2. But Nik does make a few plug-ins for NX2 as well.

I use both Greg. I think NX2 is much better at the RAW conversion (more realistic colors and better exposure and color control such as color curves and a few other features that PSE8 does not have). On the other hand when I need to use layer masks for such things as HDR, I will take it to PSE8.

PSE8 only works on 8 bit images so you must do that conversion when you take it over there.

Nik does make NX2 for Nikon. Has in right on the Caputre NX Disc. by Nik Software. One thing NX2 will do for you that PS will not do, is show all your in camera raw adjustments and settings. PS as well as other programs can not read all raw data info. Most image programs fail to say any thing about this problem. If you make in camera adjustments and view the same raw file in NX2 and PS they my look very different.
MK

Hmm - that's interesting Mark. I stand corrected! Though they do appear to be different companies, but I wonder if there is something to the similar names.