I just purchased PSE 12. In Lightroom 5, I can set up an Edit in Photoshop Elements preset.
When I try to edit a .dng or .cr2 raw image in PSE from Lr5, the first dialog I get asks if I want to edit a copy with Lr adjustments. Then PSE opens but no file(s) are loaded.
If I open the file directly from PSE 12, it will open (with Lr5 adjustments)... but that's not the point.
Any ideas on getting the Lightroom 5 --> PSE 12 workflow to operate properly?
Normally the problem is that the link to the external editor in Lightroom 5 points to the main PSE executable, when it should point to the Photoshop Elements Editor executable file.
Either that, or space aliens have abducted your photo.
I don't want to seem flippant, but that's exactly what I did - Actually I set up 2 presets here (one for Adobe RGB & one for sRGB).
As I stated previously, I set these up on 2 different computers (a MacPro and a MacBook Pro), each computer running a different version of OS-X (Lion & Mavericks, respectively).
I have successfully set up several external editors using various stand-alone programs - they all still work -- with the exception of Photoshop Elements 12.