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Is noise reduction stuff in the RAW editor the same as what you get in the main editor once you've opened the RAW image? It's still got all the dynamic range etc, as long as you don't save as JPG right?
I'm wondering if you could mask off parts of the image into layers and do different noise reduction in different areas...
I don't know Elements but I do know a bit about PS and Lightroom. based on this I'd assume it was two different types of NR, the ACR raw conversion is done during the demosaicing process. The filter in PS is done on an RGB image.
It will only have the same dynamic range if the image is still 16 bit. When I last used Elements (v6) is was only 8 bit.