Full Photoshop vs. Photoshop Elements

Hello! I hope I'm not repeating a question here -- I looked through the relevant FAQ's and in the Choosing Programs memories and didn't see this question (answered in detail). What are the major differences between PS and PSE? What things won't I be able to do with Elements (as far as icon-making goes)? I'm a beginner who would like to start on the cheaper end, but I also don't want to eventually run into a wall with my program's capabilities. But I have no idea what the wall would look like or where it would fall, given my newness to graphics creation. Maybe someone could give me some examples of icons I could and couldn't do in Elements? I appreciate any help!