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These cameras shoot video in MJPEG format. You can either install an MJPEG codec http://www.free-codecs.com/Motion_JPEG_Codec_download.htm however you may still have some issues in later processing of this file format (although I have no issues). Or convert the video to Dv-AVI format that Premiere Elements handles natively. This FAQ gives a few options for conversion, for example you could convert in Windows Movie Maker http://forums.adobe.com/thread/415317?tstart=0
Thanks, I solved by downloading the first suggestion.
Glad that it's working for you and thanks for reporting.
You might want to keep an eye out for possible OOS (Out Of Sync) issues, as some users have encountered these when working with the MJPEG CODEC's. Most have been constant OOS problems, which are easily fixed. Hopefully you will not experience any, but just be sure to look and listen carefully.