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Adobe rarely releases updates for Premiere Elements. They improved the memory leakage somewhat in PE7 with the introduction of AVCHD support, but memory leakage has always been an issue.
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As Steve points out, we're just a bunch of chickens [read "users"], and Adobe lets us use their "hen house."
I'd file a Bug report with Adobe. They DO read those, and the number and type help them decide what needs fixing.
You might have to wait until PE8, which if the past is a guide, will be October.