Premiere Elements is a consumer video editing program.
It can edit standard definition and high-definition video from consumer camcorders and smart phones.
Although version 4 is a VERY early edition of the software. I don't think it even has state of the art high-def editing capabilities, and it certainly can't even edit AVCHD effectively.
Are you looking for something to up-rez SD (Standard Def) material to HD (High Def) footage?
If so, look into Red Giant's Magic Bullet Instant HD (though I had been told that it was being discontinued?). Not sure if it will work with PrE 4 as the host app., but Red Giant should be able to verify that.