I went into the directory they talked about (/Library/Application Support/Adobe/Photoshop Elements/6.0/Locale), did a su to my admin account, and a 'sudo chmod 777 en_US', and after re-running Elements got a message dialog:
"Building Content and Effects"
Definitely wasn't getting that message before, and now the items are visible again.
Hope this helps. It's just a nice piece of Windows software that's expecting you to run as admin. And this is a 'professional' software company that actively supports the Mac!? Sigh.