I would look to Photoshop Elements.
It is full-featured, though through "big button" solutions.
Still, if one does not do CMYK, or need to create Adjustment Layer Masks (do not think that has been added to PSE 11?), or need to create Layer Sets (could have been added in PSE 11, but do not think so), then it will do about all that one could want.
Lightroom 4 would be another program to explore, depending on what one needs to do.