For those of you who updated to Photoshop Elements 11 you'll note it now includes ACR Ver. 7.2 (Process 2012). The "Basic" tab is the same as that in Lightroom 4. It vastly differs, in terms of the sliders and their functionality, from the previous ACR version PSE users would have had access to.
You really do have to spend some time reading about the sliders and their use as you can't rely on old procedures from former versions (Process 2010) -plus, the sliders are different.
So, as most reading on this subject could easily double as a night-time sedative, I found an excellent video that really clearly demonstrates the Process 2012 sliders and the usage.
Again, you'll note the video refers to Lightroom 4 and, as said, the Basic tab in Lightroom 4 is identical to the Basic tab in ACR Ver. 7.2, which is what you now get if you have purchased or updated to PSE 11.
Definitely worth watching. Plus, if anyone wants some written material on the subject and some comparison charts (Process 2010 and 2012) just message me and I'll send it along to you.http://www.youtube.com/watch?v=jLDHchzcp9s