QUOTE
Photoshop 7 won't work in Leopard, I've been told.
A new iMac is in the works and I have to upgrade my design apps.
Is that an answer to my questions in <post #3>?
I know PS 7 is powerful and CS3/4 is great, also. But, without knowing exactly what it is that those apps do andthat you need, it may be impossible to find an alternative. And that's what you may end up needing to do.
Elements can run many of Photoshops 'Actions.' It has layers. It therefore has adjustment, mask, fill, etc. layers. As a matter of fact, it has many of the functions of the full PS app, they are sometimes located or accessed differently. Of course, some are flat not available. Just depends on what you need and use. For even its full price, I don't think it can be beat.
If "page layout" is a need, Apple's Pages (part of the iWorks Suite, $79) is extremely powerful. While it comes with a multitude of templates, you can design a 'page' in just about any size you want, AFAIK. You can enter text and images anywhere you want and position them to the pixel.
I know these questions are not answering your real search, so just ignore me like most others, if you want!
I'm more paranoid and cynical than most, but I'd want some kind of written notice, from Amazon, that the following exclusion does not apply to software:QUOTE
Exclusions from coverage:
The following items are not covered by the Amazon A-to-z Guarantee: payments for services, digital merchandise, cash equivalent instruments (including retail gift cards), and prohibited items (including items violating the Amazon Payments Acceptable Use Policy);
Other than that, I've only bought a few things from an Amazon merchant, but they have all been satisfactory. Frankly, I think Amazon may be more concerned and careful in allowing the use of their site/name than eBay may be. 
BTW, how much money are you going to save after all your time and efforts, while still not having access to the new software?