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I feel that Photoshop Express isn't meant to duplicate / replace Photoshop CS3(in all it's flavors) or Photoshop Elements.
If you check the exclusive screenshot below you will notice that there are several functions included in the new product, starting from the basic features like crop & rotate, auto correct or white balance and more advanced features including tuning and many others.
Adobe has given no indication as to when Photoshop Express will be made available, only saying that it is still in development.
Click to Enlarge Screenshot
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