Recapture and use scene detection. Saves you a lot of trouble too by recapturing, because WMM uses a slightly different codec (DV AVI type1) than PR (DV AVI type2) which does not always work correctly.
Is that true for Premiere Elements 10 as well?
PrE 10 should perform almost exactly the same with Scene Detection ON.
Are the codecs the same for Premiere Elements and Premiere Pro CS 5.5?
I cannot tell you that.
Historically, with "consumer" CODEC's, PrE often gets native support, before PrPro.
However, with "professional" CODEC's, such as RED, PrPro has those, but PrE will likely never get them. There are some pro CODEC's, that PrPro does have, that PrE is missing, but I do not have a list.
Good luck, and wish that I had more info for you.