[Moved to Elements forum.]
I would look to Premiere Pro (where I think that you originally posted), as PrE is a much more "consumer-oriented" program. While a nice one, it is geared more toward Final Cut Express, than FCP (any version).
I looked for some chart of features, or Pros&Cons, between PrE and FCPx, but could not find one. I think that comparing those two programs are akin to Apples (pun intended) and oranges.
Actually, it's not the program, it's the computer hardware that determines how much footage you can work with.
But it also depends on your "raw video". What model of camcorder is it coming from and what format and resolution is it?
Premiere Elements works great with consumer formats, like DV-AVI, HDV and AVCHD, but not so much with professional formats like XDCAM.